, the monthly payments, M, can be calculated as:![M=P[\frac{i(1+i)^n}{(1+i)^{360}-1}]\\\\M=[\frac{\frac{0.0415}{12}(1+\frac{0.0415}{12})^360}{(1+\frac{0.0415}{12})^{360}-1}]\\\\M=957.62](/tpl/images/0552/3119/f8857.png)
Jane is considering a 7/23 balloon mortgage with an interest rate of 4.15% to
purchase a...
Mathematics, 18.03.2020 18:31 JvGaming2001
Jane is considering a 7/23 balloon mortgage with an interest rate of 4.15% to
purchase a house for $197,000. What will be her monthly payment for the first
7 years of the balloon mortgage?
O A. $945.98
O B. $933.64
O c. $900.00
O D. $957.62
Answers: 2
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