Kristi got a 7/23 balloon mortgage and her initial payments were $895. she decided to refinance her balloon payment with a 30-year mortgage and her new payments were $873. what is the total financed cost she paid for her house? a) $333,020 b) $399,060 c) $34,020 d) $316,128

Total financed cost is: $389,460

Step-by-step explanation:

The 7/23 name means that the loan has a fixed rate for the first seven years.

Now Kristi's initial payments for 7 years will be =

dollars

Then she decided to refinance her balloon payment with a 30-year mortgage and her new payments were $873.

So, payments for 30 years will be =

dollars

Now, the total financed cost she paid for her house will be =

dollars

This option is not given, but this is the correct answer.

the answer is c. 23/3