An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage
$530,000
30/7 balloon
6.8% annual rate
What is the monthly payment on this mortgage?
a. 3,455.20 b. 3,678.58 c. 6,738.57 d. 7,947.40

9514 1404 393

  a.  $3,455.20

Step-by-step explanation:

The monthly payment is given by the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^(-12t))

for loan amount P at annual rate r for t years.

For this mortgage, we use P = $530,000, r = 0.068, t = 30.

  A = $530,000(0.068/12)/(1 -(1 +0.068/12)^(-360)) ≈ $3,455.20

The monthly payment is $3,455.20.

Additional comment

In 7 years, the balloon payment will be $481,559.91.

1d

2b

3 false

4 d

5 3200sq,ft

80+60+y=180

then divide the difference between 60 and y and add it to 180

so x =180 +( (y-60)/2)

x equals 200

step-by-step explanation:

8

50*10 is greater

step-by-step explanation:

if you add the zero from 10 to 50, it will give you a bigger number.