Wyatt is considering a 7/23 balloon mortgage with an interest rate of 4.8% to purchase a house for $211,000. His monthly payment for the first 7 years of the mortgage will be $1107.04. Let's take a look at a couple of scenarios to see how the balloon mortgage could play out. (5 points: Part I - 1 point; Part II - 1 point; Part III - 1 point; Part IV - 1 point; Part V - 1 point)