*Advance Algebra With Financial*

A $600,000 balloon mortgage has terms of 15/6 with a 3% interest rate. What is the monthly payment rounded to the nearest dollar?

$2,845

$4,143

$3,333

$3,433

Question

*Advance Algebra With Financial*

A $600,000 balloon mortgage has terms of 15/6 with a 3% interest rate. What is the monthly payment rounded to the nearest dollar?

 $2,845

 $4,143

 $3,333

 $3,433

anonymous · Answer

I can probably help you if you can tell me what 'terms of 15/6' means

anonymous · Answer

Me too . Im trying to figure out as well .

phi · Answer

15/6 means the payments are as if the loan were for 15 years, but after 6 years the balance is due in full

phi · Answer

so the monthly payment is the payment assuming a 15 year loan

anonymous · Answer

I got 4,143 ?