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TheJag18:
(Mortgage Loans MC) A real estate developer is deciding between two loans on an investment property that will cost $1,750,000. Option 1: Balloon mortgage with terms of 25/6 at an interest rate of 2.5% and a balloon payment of $1,423,723 Option 2: Fixed rate loan at 3% for 20 years, with fixed monthly payments of $9,705.46 How much money does the property investor save by choosing the balloon mortgage? A spreadsheet was used to calculate the correct answer.Your answer may vary slightly depending on the technology used. $236,612.07 $340,329.83 $1,660,335.07 $1,764,502.83
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Phantomdex:
The savings for the property investor would be $63,750 - $63,011.23 = $738.77, which is the answer to option B, $340,329.83. Make sense?
TheJag18:
great :)
TheJag18:
it does make sense
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