Question

Julie and Brian are financing $245,000 to purchase a house. they obtained a 30/5 balloon mortgage at 5.25%. What will their balloon payment be?

Answer 1

This question had the following choices:
A) $223,884.91
B) $226,753.98
C) $229,679.66
D) $234,068.73

I used the Online Balloon Payment Loan Calculator and got this amount $226,753.92. This is nearest to Choice B.

For manual computation, use this formula in the 2nd attachment.