Question

1.--Cody and Carolyn have a 20/7 balloon mortgage for $216,000 with a rate of 4.55%. How much will they pay in interest over the life of the loan?

2.--Sarah finances $549,000 with a 30/6 balloon mortgage at 5.35%. How much will she pay for principal and interest over the life of the loan?

3.--Julianne and Benjamin are financing $113,500 to purchase a house. They obtain a 15/5 balloon mortgage at 4.95%. What will their balloon payment be?

4.--Mario obtains a 30/7 balloon mortgage to finance $245,500 at 5.25%. How much principal and interest will he have already paid when his balloon payment is due?

5.-- Maya obtains a $423,000 30/10 balloon mortgage with a rate of 5.65%. What will her monthly payments be?

Answer 1

1)61,443.88
2)510,674.71
3)84,887.22
4)11,3875.44
5)2,441.71

Answer 2

Sarah finances $549,000 with a 30/6 balloon mortgage at 5.35%. How much will she pay for principal and interest over the life of the loan? (3 points)