Help, what am I doing wrong?

Jessie and Bob are financing $425,500 to purchase a house. They obtained a 30/8 balloon mortgage at 6.55%. What will their balloon payment be?

Question

Help, what am I doing wrong?

Jessie and Bob are financing $425,500 to purchase a house. They obtained a 30/8 balloon mortgage at 6.55%. What will their balloon payment be?

anonymous · Answer

i think u should multiple rate in whole the mortgage

anonymous · Answer

i mean : 
178800*(3.95/100)

anonymous · Answer

I solved and got 379675.59529504773077296

anonymous · Answer

It is close to my answer choices of $379,659.89 

 $637,130.99 

 $357,491.39 

 $380,040.19

anonymous · Answer

but I don't know which to chose.

anonymous · Answer

Is it 380,040.19 if i rounded my answer?

anonymous · Answer

formula is Bm=P{(1+i)^nt - (1+i)^m / (1+i)^nt - 1}
I=0.0655/12
n=12
t=30
nt=360
P=425500

anonymous · Answer

I got  377598.80

anonymous · Answer

sri , but i don't know this formula !!!

anonymous · Answer

now I need to add the 0.0655/12 + my 377598.80 =

anonymous · Answer

207679.34 + 377598.80 = and this time now I got 585278.14

anonymous · Answer

What am I doing wrong?

anonymous · Answer

attachment

anonymous · Answer

woops I wrote the wrong question

anonymous · Answer

Jessie and Bob are financing $425,500 to purchase a house. They obtained a 30/8 balloon mortgage at 6.55%. What will their balloon payment be?

anonymous · Answer

ok dear let find out the question step by step .  
u said balloon mortgage . it's mean if they didn't pay their loan the must pay more ? and the rate of money the have to pay is 15/7 am i right ?

anonymous · Answer

The 15/7 mean 15= Initial interest period 
 7 means interest rate adjustment

anonymous · Answer

I have a good grade in this class, but this mortgage and balloon stuff is killing me

anonymous · Answer

i think it's so hard . i try to find out the solution . 
u know english is not my mother tongue so i should check for some meaning to find out the question .

anonymous · Answer

m=96

anonymous · Answer

would u like to describe the formula's parameter for me ?

anonymous · Answer

What is that? I am going to take a picture of the formula with the numbers plugged in them for you

anonymous · Answer

i read it but i want to know how you find out the numbers ?

anonymous · Answer

I just plugged it into my scientific calculator

anonymous · Answer

i'm so sri but i think i can't help you in this problem .

anonymous · Answer

i should say apologize for taking ur time . i'm really sri

anonymous · Answer

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