Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. the maturity of the balloon loan is 5 years, amort

The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount...

70.2K

Verified Solution

Question

Finance

The maturity of the balloon loan is 5 years, amortization periodis 30 years, loan amount is $85,000 with annual interest rate 4.5%and monthly payments.

  1. What is the monthly payment for this balloon mortgage?
  2. What is the balloon payment at the end of five years for thisballoon mortgage?

Answer & Explanation Solved by verified expert
3.9 Ratings (785 Votes)
NO INTERMEDIATE    See Answer
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

The maturity of the balloon loan is 5 years, amortization periodis 30 years, loan amount is $85,000 with annual interest rate 4.5%and monthly payments.What is the monthly payment for this balloon mortgage?What is the balloon payment at the end of five years for thisballoon mortgage?

Other questions asked by students

Q

Calculate [OH−] for each solution. A. pH = 2.52 B. pH = 8.09 C. pH = 13.58

Chemistry
Q

Describe how Copernicus explained the retrograde motion of the planets in his heliocentric model.

Physics
Q

Solve for Zn Submit your answer in terms of degrees A B 98 n

Geometry
Q

4 10 Suppose that the third order homogeneous linear differential equation ay by cy dy...

Basic Math
Q

4 1 3 0 4 3 Evaluate the iterated integral 20x y dy dx 4...

Calculus
Q

The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Waterway...

Accounting
Q

John Bautista needs $23,800 in 10 years. Click here to view factor tables What amount...

Accounting
Q

(2) What are two ways 12 Angry Men illustrates liabilities of group problem solving

Accounting
Q

On January 1,20X1, Diaz Corp. acquired all of the outstanding stock of Guled, Inc. for...

Accounting
Q

Sanchez Company's output for the current period was assigned a $320,000 standard direct materials cost....

Accounting
Q

ACC211 Financial Statements Problem Acme provides services to both individuals and business. In order...

Accounting
Q

eBook Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net...

Finance