You have just arranged for a $1,640,000 mortgage to finance the purchase of a large tract of land. the mortgage has an apr of 6.

Question

3 years ago

9

You have just arranged for a $1,640,000 mortgage to finance the purchase of a large tract of land. the mortgage has an apr of 6.

4 percent, and it calls for monthly payments over the next 30 years. however, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. how big will the balloon payment be?

Mathematics

1 answer:

sergeinik [125] · Answer 1 · 2022-02-13T10:36:03+03:00

sergeinik [125]3 years ago

3 0

You would take 6.4% into 1640000 and you would pay that the next 30 years