Please Help!!!!!
Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. What will her monthly payments be?

$3398.79

$2786.18

$2619.33

$2340.75

Question

Please Help!!!!!
 Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. What will her monthly payments be?

$3398.79

$2786.18

$2619.33

$2340.75

amistre64 · Answer

the monthly payments are the same as if it was just a 15 year fixed mortgage

amistre64 · Answer

the balloon is just the remaing balance after 5 years

amistre64 · Answer

or 8.84909 per 1000 dollar

anonymous · Answer

so what is the answer?

amistre64 · Answer

you pay  $8.84909/mnth for every $1000 borrowed ....

anonymous · Answer

that isn't an answer choice though

amistre64 · Answer

it is an answer choice, i suggest you finish it ...

anonymous · Answer

can you help me?

amistre64 · Answer

i am not going to multiply for you, no

amistre64 · Answer

296 k  at 8.85 per k;  whats the result?

anonymous · Answer

what is k

amistre64 · Answer

1000 of course

amistre64 · Answer

if i give you $8.85 for every rock you have

and you have 296 rocks,  how much do i pay you for all your rocks?

anonymous · Answer

2619.6

amistre64 · Answer

correct :)  or if we used the more accurate setup we get 2619.33