Refinancing Home Mortgage
In: Mortgage Loan
23 Sep 2010You need a 30-year fixed-rate mortgage to a new house for $ 150,000 to buy. Your
The bank lends money to April, 12 percent for this loan 360 months.
(Payments are made monthly.) You can not afford the monthly payments
$ 1,600, you pay for the balance of the loan outstanding at the end of the loan
as a single payment. How will this balloon payment
must be for you to keep your monthly payments to $ 1,600?
What kind of computer do you have?
Suppose a BAII Plus or TI 83 Calc or more graphically
N = 360 (12 per year for 30yrs PMT)
i = 12
PV = 150.000
PMT = 1600
FV =? (Solve)
You can find out the size of your final payment will be after 360 periods of $ 1,600 at an interest rate of 12%.
This is about mortgage information questions.
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