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?
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?
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
I don't get the answers for these two...
Choices for question 1:
$85,433.10
$70,863.13
$52,781.40
$53,676.00
Chocies for question 2:
$223,884.91
$226,753.98
$229,679.66
$234,068.73
Where did you get these "multiple choice" answers from? Are they from your textbook, or from an assignment?.
Do you live in the US? Because mortgages in other countries are caculated differently. Are you sure of your questions? I ask that because the 2nd one gives 30/3 as the term of the mortgage. I re-checked everything and I see nothing wrong with the calculation given to you. Somebody seems to have goofed somewhere!!!.
