Question

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?

Answer 1

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