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9 December, 07:06

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

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  1. 9 December, 08:43
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    Answer:Balloon payment:$84,646.62

    Step-by-step explaination:

    Monthly payment

    Monthly principal and interest payment (PI). The monthly payment is calculated using a term up to 15 years.

    Total interest paid:$22,374.55

    Total regular payments:$51,227.93

    Balloon payment:$84,646.62
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