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OpenStudy (anonymous):
Suzanne finances $315,000 with a 15/4 balloon mortgage at 3.75%. How much will she pay for principal and interest over the life of the loan?
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OpenStudy (anonymous):
First find the monthly payment over 15 years ... P = 2,290.75/mo Next, find the outstanding balance after the 4 x 12 = 48th payment. Bal = 355,125.64 (this is the balloon payment) Total principal and interest = 355,125.64 + 2,290.75(48) = 357,416.36
OpenStudy (anonymous):
@Chooch146 thank you so much!
OpenStudy (anonymous):
your welcome!!!! medal??
OpenStudy (anonymous):
Thanks:]
OpenStudy (anonymous):
no thank you :) @Chooch146
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OpenStudy (anonymous):
:P
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