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Fixed Rate Mortgage Assignment | Homework For You

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June 8th, 2020
5. You want a 15-year fixed rate mortgage for $1,695,000 for a “vacation cabin” in Montana. Your bank will loan you the money at a 4.4% APR for a 180-month loan. However, you can only afford to pay $12,000 a month, so the bank agrees to let you pay the remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $10,000? (5 pts)Get Finance homework help todayHomework For You

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