Shannon finances $189,000 with a 20/7 balloon mortgage at 6.25%. How much will she pay for principal and interest over the life of the loan

Question

dumbcow · Answer

The monthly payment for a 20 yr loan at 6.25% is  $1381.45
The balance after year 7 is $147,291.59

Total = monthly payment* 84 months + balance

anonymous · Answer

that's your answer ? that's not one of my choices

anonymous · Answer

Joanne and Bill are financing $305,500 to purchase a house. They obtained a 20/6 balloon mortgage at 5.75%. What will their balloon payment be?