completely stuck I need help please!:
A mortgage has the terms shown below:
Balloon mortgage
$300,000
25/5 balloon
6% annual rate
Initial Monthly Payment: $1932.90
What is the amount of the balloon payment rounded to the nearest dollar?

Question

completely stuck I need help please!:
A mortgage has the terms shown below:
Balloon mortgage 
$300,000
25/5 balloon
6% annual rate
Initial Monthly Payment: $1932.90
What is the amount of the balloon payment rounded to the nearest dollar?

anonymous · Answer

@StudyGuidance

perl · Answer

Can you define what a balloon mortgage is, sorry I'm not familiar with this term.

anonymous · Answer

a balloon is when a mortgage with a large portion of the borrowed principal is repaid in a single payment at the end of the loan period. that's my teachers definition.