5. Murphy obtains a 15/5 balloon mortgage to finance $113,500 at 4.95%. How much principal and interest will he have already pald when his balloon payment is due? (2 points) $85,433.10

O $70,863.13

O $52,781.40

O $53,676.00

$278.15×60= $16688.969

Step-by-step explanation:

Murphy has a 15/5 balloon mortgage plan therefore he would make constant payments monthly for five years and then pay the balance of the loan/balloon payment for the 10 years left in bulk

To calculate principal+interest on loan before balloon payment is due, we simply calculate Murphy's constant/monthly payments for the 15 year loan amortization and multiply by number of payments before balloon payment is due:

Formula for monthly payments

A= P×r×r(1+r)^n/(1+r)^n-1

Where A= monthly payments

P= mortgage loan value

r= interest rate on loan

n= number of payments = 15×12= 180 monthly payments

Substitute :

A= $113500×0.0495×0.0495(1+0.0495)^180/(1+0.0495)^180-1

A= $113500×0.0495×296.104/5980.90

A= $113500×0.0495×0.049508

A= $278.15

To calculate our principal and interest before balloon payment, we multiply by number of payments(5×12=60 payments) before due balloon payment

60×$278.15= $16688.969

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step-by-step explanation:

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step-by-step explanation: