aj12381
30.07.2019 •
Mathematics
You need a 30-year, fixed-rate mortgage to buy a new home for $225,000. your bank will lend you the money at an apr of 5.5 percent with monthly compounding. you can only afford monthly payments of $1,000 for principal and interest, so you offer to pay off any remaining loan balance at the end of the loan term in the form of a single balloon payment. what will be the amount of the balloon payment?
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Ответ:
interest = 5.5%/12 per month
Monthly payment, A = 1000
At the end of 30 years,
Future value of loan (with zero repayment)
F1=225000*(1+.055/12)^(30*12)
=1167162.264
Future value of repayment, A=1000 per month
F2=
=
=913611.893
Therefore balloon payment
= F1-F2
=1167162.264-913611.893
=253550.37 (to the nearest cent)
Ответ:
answer:
idk
step-by-step explanation:
im using this to get an answer