Business, 14.06.2020 03:57 nbayoungboy589

You would like to buy a house that costs $ 350 comma 000. You have $ 50 comma 000 in cash that you can put down on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7 % per year. You can afford to pay only $ 23 comma 690 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $ 300 comma 000. At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?

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You would like to buy a house that costs $ 350 comma 000. You have $ 50 comma 000 in cash that you c...