Question

Maya obtains a $423,000 30/10 balloon mortgage with a rate of 5.65%. What will her monthly payments be?

$3712.13
$2945.72
$2715.51
$2441.71

Answer 1

@amistre64 i chose the last option

Answer 2

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

Stephanie finances $423,000 with a 20/5 balloon mortgage at 4.45%. How much will she pay for principal and interest over the life of the loan?

$508,077.56
$509,378.67<---- my response
$510,674.71
$505,422.01

Answer 4

can you please check them @amistre64

Answer 5

2441 is fine

Answer 6

Julie and Brian are financing $245,000 to purchase a house. They obtained a 30/5 balloon mortgage at 5.25%. What will their balloon payment be?

$223,884.91
$226,753.98
$229,679.66<----- my response
$234,068.73

Answer 7

i am stil here btw if my thing disappears

Answer 8

total payments is the amount paid in so far, 53675 is what im getting so i like that one too

Answer 9

anything else i need to correct?

Answer 10

509379 looks good to me as well ... im not saying its right but its the same value i get.

Answer 11

i dont like it when the options are sooo close in value :) but i agree with it

Answer 12

what about the julie and brian one

Answer 13

226,227 is what im getting, can you post your work for the last one?

Answer 14

um no bc my camera is acting weird

Answer 15

you can tippity typity :)

Answer 16

let me check if i have it

Answer 17

wht did you get for monthly payments? or do you do a different method?

Answer 18

lol, i just learned how to adapt my setup for a balloon, ive been approximating it

take the next to last payment balance, and apply one last interest to it

Answer 19

227583 is what i get and also an online balloon figurator

Answer 20

over 60 payments, w have 59 monthly payments, and a final balloon payment

so we only make 59 payments before the balloon is due

59*894.60

52781 is the total number of payments for the 2nd one

Answer 21

that would be the response? @amistre64

Answer 22

thats the work i get on the 2nd one. we dont have 60 monthly payments, we only do 59, the last one is the balloon

Answer 23

so most likley that would be the response?

Answer 24

im not going to say my thought is correct, ive never taken a class for this stuff. but based on what the online calculators suggest, its what i would go with.