help me?
An $800,000 balloon mortgage has terms of 30/5 with a 5% interest rate. What is the monthly payment rounded to the nearest dollar?

$2,222

$2,333

$4,295

$4,677

Question

help me?
 An $800,000 balloon mortgage has terms of 30/5 with a 5% interest rate. What is the monthly payment rounded to the nearest dollar?

$2,222

$2,333

$4,295

$4,677

anonymous · Answer

@amistre64

anonymous · Answer

use this M=P[(i(1+1)^n*t)/(1+i)^(n*t)-1)] i'm taking the same course .

amistre64 · Answer

NaCls formula is fine as well

amistre64 · Answer

not 1+1 ... but see thru the typo

amistre64 · Answer

my setup gets us: http://www.wolframalpha.com/input/?i=800000k%5E%2830*12%29+%281-k%29%2F%281-k%5E%2830*12%29%29%2C+k%3D1%2B.05%2F12

anonymous · Answer

P=800,000
i=0.05
n= ? 
t=30
@amistre64  ?

amistre64 · Answer

n=12 since its monthly, t is years

amistre64 · Answer

i = r/n

amistre64 · Answer

so i =  .05/12

anonymous · Answer

How do you set those problems up!!