Question

Here they are! @djcool31 @plohrr

Mario obtains a 30/7 balloon mortgage to finance $245,500 at 5.25%. How much principal and interest will he have already paid when his balloon payment is due?

$113,875.44

$112,519.78

$127,304.57

$216,988.63

Answer 1

Sarah finances $549,000 with a 30/6 balloon mortgage at 5.35%. How much will she pay for principal and interest over the life of the loan?

$715,175.04

$713,297.14

$717,393.12

$719,607.40

Answer 2

did you see the calculator i posted

Answer 3

Jessie and Bob are financing $425,500 to purchase a house. They obtained a 30/8 balloon mortgage at 6.55%. What will their balloon payment be?

$379,659.89

$637,130.99

$357,491.39

$380,040.19

Answer 4

@plohrr yes haha I'm about to pull it up to check these questions

Answer 5

:)

Answer 6

these are my last ones! tell me what you guys think haha I'll use the fancy calculator to check too @plohrr @djcool31

Answer 7

k

Answer 8

is regular mortgage the same as baloon mortgage..?

Answer 9

thats weird, for the first I got the third one, but for the second, I didn't get any of them. they all look wrong. the amount should be way higher , like in the millions

Answer 10

yeah 4real^

Answer 11

i got nothing!

Answer 12

did both of you get the third one for the first question? just making sure because that's what I got too

Answer 13

because the monthly payment is 3065.69, over 30 years the payments would be $1,103,648.40. that is clearly not a choice lol

Answer 14

i got the third one for #1

Answer 15

yeah!

Answer 16

same here, #2 confuses me :/

Answer 17

#3, what i got doesn't really match the choices, but its a few cents off choice 1 so thats what I would put

Answer 18

$377,155 is what i got

Answer 19

@plohrr yeah I believe it's okay to just round up to the closest one in this case

Answer 20

sweet

Answer 21

but what about #2 ? :/

Answer 22

$1,103,648.40 is the correct answer, i don't understand why the choices are so low