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ewalchloe5067920
13.08.2019 •
Business
You need a 30-year, fixed-rate mortgage to buy a new home for $335,000. your mortgage bank will lend you the money at an apr of 6.3 percent for this 360-month loan. however, you can afford monthly payments of only $1,750, 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 payment have to be for you to keep your monthly payments at $1,750? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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Ответ:
Balloon payment is $344311.23
Explanation:
Given data
buy home = $335,000
APR r = 6.3 %
loan time n = 360 month
monthly payments = $1,750
to find out
how large Balloon payment
solution
we apply here formula that is
present value = principal ( 1 - (1 / (1+ r)^n / r
so put all value
present value = 1750 ( 1 - (1 / (1+ 0.063/12)^360 / 0.063/12
present value = 282726.48
so
of amount owe here is 335000 - 282726.48
amount owe = $52273.52
so that
balloon amount for 30 year
balloon amount = amount owe ( 1+r)^n
balloon amount = 52273.52 ( 1+0.063/12)^360
balloon amount is 344311.23
so Balloon payment is $344311.23
Ответ: