Mandy obtains a $155,000 20/6 balloon mortgage with a rate of 4.25%. What will her monthly payments be?
1 answer:
Answer:
The answer to the question is
Her monthly payments will be $279.98
Step-by-step explanation:
To solve the question we apply the equation for monthly payments as follows
Fixed monthly mortgage repayment formula is
Where
A = Payment amount per month
r = interest rate = 4.25 %
n = number of months = 20×12 months or 240 months
P = Mortgage value = $155,000
Therefore A = = $279.98
For balloon mortgage the loan balance is paid off or refinanced at the end of the loan term
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g) The given function is a proper rational function.
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See attachment for graph.
