1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
padilas [110]
3 years ago
15

You have just arranged for a $1,560,000 mortgage to finance the purchase of a large tract of land. the mortgage has an apr of 5.

6 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? (do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Mathematics
1 answer:
seraphim [82]3 years ago
3 0
P=1560000
APR=5.6%
monthly interest, i=5.6%/12=7/1500  [fractions keep exact values]
R=1+i=1+7/1500
# of periods, n=30 years = 360 periods
monthly payment, A
A=PR^n(i)/(R^n-1)
=1560000*(1+7/1500)^360*(7/1500)/((1+7/1500)^360-1)
=$8955.632

At the end of eight years,
number of periods, n1 = 8*12 = 96

If paid off at the end of 8 years, value of loan then
future value of principal
F1=PR^n1=1560000*(1+7/1500)^96=2439135.635
future value of payments
F2=A(R^n1-1)/i=8955.632*(1+7/1500)^96-1)/(7/1500)=1081485.620
Therefore the balloon payment
= future value of principal (owing) - future value of payments (paid)
=F1-F2
=2439135.635-1081485.620
=1357650.0152
Round to two places after decimal to get final answer.
You might be interested in
What is the range of the cubic function f(x)=x^3-15​
Nina [5.8K]
B

The end behavior of a positive cubic function states that as x approaches infinity, y approaches infinity.

Similarly, as x approaches negative infinity, y approaches negative infinity.

This means that when written in interval notation, the range is (-inf, +inf).
3 0
3 years ago
I have 20 dollars, I want to split it between 3 people? How much would each person get if they got the same equal amount?
Ugo [173]
They would each get 6 dollars and 66 cents :) ♥♥
7 0
3 years ago
Read 2 more answers
Please help me with this
timama [110]

Answer:

choice 1

Step-by-step explanation:

angle 1 = angle 7 (exterior alternate angle)

angle 3=angle 5 (interior alternate angle)

3 0
2 years ago
POSSIBLE POINTS. 10
Free_Kalibri [48]

Answer:

third one

Step-by-step explanation:

can you help me with my question In the extended simile of the underlined passage from Paragraph 15 of "A Wagner Matinee," the narrator makes an observation about the soul that aring rokol been A. it is like a strange moss on a dusty shelf that, with excruciating suffering, can wither and die y for I the be B though after excruciating suffering it may seem to wither, the soul never dies, C. excruciating, interminable suffering that goes on for half a century can kill the soul.

4 0
3 years ago
12 is 30% of what number?
Sladkaya [172]

Answer is provided in the image attached.

4 0
3 years ago
Other questions:
  • after sandy picked 3 lemons she wanted to share them with her fellow classmates if sandy wants to give 3tenth of a lemon to each
    12·1 answer
  • A local middle school has 99 computers and 333 students. what is the number of students per computer at the school? write your a
    7·1 answer
  • Angie and Eric have opened a jumbo bag of candies and counted the number of each color. They have 100 red, 180 green, 90 yellow,
    9·1 answer
  • 5 irrational number​
    14·2 answers
  • ...hey what's <br><img src="https://tex.z-dn.net/?f=%20%5Csqrt%7B1%7D%20" id="TexFormula1" title=" \sqrt{1} " alt=" \sqrt{1} " a
    9·2 answers
  • If u have 2 penises and u ate 1 how many you got left???
    12·1 answer
  • Ricky and Lucy are 40 miles apart on bicycles heading towards each other on the same road. Ricky bicycles at 8 mph and Lucy ride
    6·1 answer
  • Question 4 of 10
    12·1 answer
  • The theoretical probability of rolling a 6 with a single die is
    8·1 answer
  • Use the distributive property to solve the equation -2(x+5) =4
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!