1 - Murphy obtains a 15/5 mortgage to finance $133,500 at 4.95%. How much principal and interest will he have already paid when his balloon payment is due?
http://www.calculator.net/amortization-calculator.html?cloanamount=133500&cloanterm=15&cinterestrate=4.95&printit=0&x=47&y=16
Multiply the monthly payment calculated above X 60 months =Principal + interest.
2 - 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?
http://www.calculator.net/amortization-calculator.html?cloanamount=245000&cloanterm=30&cinterestrate=5.25&printit=0&x=51&y=16