Question

Can someone check if my responses are correct?

Answer 1

Morgandee obtains a $212,000 30/7 balloon mortgage with a rate of 6.25%. What will her monthly payments be?

$1271.05
$1305.32 <--- my response
$1410.44
$1449.81

Answer 2

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

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?

$206,311.68
$401,542.25 <----- my response
$152,285.77
$249,295.6

Murphy obtains a 15/5 balloon mortgage to finance $113,500 at 4.95%. How much principal and interest will he have already paid when his balloon payment is due?

$85,433.10
$70,863.13
$52,781.40
$53,676.00 <---- my response

Answer 3

@Directrix @iGreen

Answer 4

@aaronq

Answer 5

you have them all correct :)

Answer 6

Dennis and Darla have a 15/6 balloon mortgage for $178,800 with a rate of 3.95%. How much will they pay in interest over the life of the loan?

$29,807.39
$30,779.09
$36,132.26<--- my response
$35,738.45

@pooja195

Answer 7

thats correct good job