Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. answer number 20 plz you need a 20-year, fixe

answer number 20 plz You need a 20-year, fixed-rate mortgage...

90.2K

Verified Solution

Question

Finance

answer number 20 plz
image
You need a 20-year, fixed-rate mortgage to buy a new home for $220,000 Your mortgage bank will lend you the money at a 71 percent APR for this 240 month loan. However, you can afford monthly payments of only $850, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon poyment have to be for you to keep your monthly payments at $850 ? Multiple Choice $444,417.97 \$i11.208.75 $476,489.37 $97,58516 $458,162.85

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Learning Target I can solve a system of equations by graphing and finding the intersection...

Algebra
Q

1. Calculate the approximate density of nuclear matter in g/cm3 . What would be the diameter...

Physics
Q

Analyze the implications of globalization and technology on negotiations.

General Management
Q

An electric dipole of moment placed in uniform electric field E has minimum potential energy...

Physics
Q

Three waves of equal frequency having amplitude 10 m 4 um and 7 um arrive...

Physics
Q

Use the given information to solve the triangle shown in the figure to the right...

Calculus
Q

K Give the degree measure of 0 if it exists Do not use a calculator...

Algebra
Q

Product Costing Project Develop the full cost of a simple item. Choose a simple, everyday...

Accounting
Q

The failures of corporate governance systems and earnings management can be attributed to all of...

Accounting
Q

This year, Lambert Company will ship 1,500,000 pounds of goods to customers at a cost...

Accounting
Q

Common stock$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,200,000 Paid-in...

Accounting
Q

A $110,000 machine with a 11-year class life was purchased 2 years ago and has...

Finance