Question

Ella obtains a $750,000 balloon mortgage for an investment property. The mortgage has terms of 15/3 at an interest rate of 5.5%. The monthly payment is $6,128.13. How much is the remaining balance after 3 years rounded to the nearest dollar?

Answer 1

@m&msdoodle

Answer 2

@doggy @jojo4eva @jim_thompson5910

Answer 3

@Mertsj

Answer 4

@wikiwonder

Answer 5

Sorry, I don't know.

Answer 6

okay its fine thank u

Answer 7

Multiply 25 years by 12 months each year

Answer 8

Multiply the number of payments by the amount in each payment to find the total amount paid subtract the amount the mortgage is for from the amount paid to find the total interest

Answer 9

900

Answer 10

It should have come out to be 480,100

Answer 11

not for the final answer right

Answer 12

Oh maybe I did my math incorrectly. Let me double check....

Answer 13

okay thanks

Answer 14

Oh yes that is the correct answer. I am sorry. :(

Answer 15

that's not one of my choices