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

Answer 1

@amistre64

Answer 2

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

Answer 3

NaCls formula is fine as well

Answer 4

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

Answer 5

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

Answer 6

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

Answer 7

n=12 since its monthly, t is years

Answer 8

i = r/n

Answer 9

so i = .05/12

Answer 10

How do you set those problems up!!