Veronica got a 5/25 balloon mortgage and her initial payments were $995. She decided to refinance her balloon payment with a 30-
2 answers:
Answer:
The right answer is option A.$411,420
Step-by-step explanation:
The 5/25 name means that the loan has a fixed rate for the first five years.
Given is : Veronica's initial payments were $995.
For first 5 years she paid =
dollars
Then she decided to refinance her balloon payment with a 30-year mortgage and her new payments were $977.
So, next payments will be for 30 years. The payments will be =
dollars
So, total financed cost Veronica paid for her house is =
dollars
Therefore, option A is the answer.
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