Mathematics, 30.07.2019 17:00 jpimentel2021

You need a 30-year, fixed-rate mortgage to buy a new home for $225,000. your bank will lend you the money at an apr of 5.5 percent with monthly compounding. you can only afford monthly payments of $1,000 for principal and interest, so you offer to pay off any remaining loan balance at the end of the loan term in the form of a single balloon payment. what will be the amount of the balloon payment?

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