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FinnZ [79.3K]
3 years ago
10

Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. What will her monthly payments be?

Mathematics
2 answers:
julia-pushkina [17]3 years ago
7 0
The correct answer for this question is this one: "A. $3398.79"
Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. Her monthly payments will be <u>$3398.79</u>
These are the following choices as seen from other source:
A. $3398.79
B. $2786.18
C. $2619.33
D. $2340.75

Hope this helps answer your question and have a nice day ahead.

Gelneren [198K]3 years ago
6 0

Answer:

Miranda's monthly payments are $2614.64

Step-by-step explanation:

\frac{p*r*(1+r)^{n}}{(1+r)^{n}-1}

Here, p = 296000

n = 15 years = 15*12=180

r =  6.75/12/100 =0.0056

Putting these values in formula we get,

\frac{296000*0.0056*(1.0056)^{180}}{(1.0056)^{180} -1}

= \frac{296000*0.0056*2.7324}{2.7324-1}

= $2614.64

So, her monthly payments are $2614.64.

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