Question

Martin has a 7/23 balloon mortgage on his $195,000 home. He has been

making payments of $965 each month and will have a balloon payment due

for the amount of $170,143. If he decides to make the balloon payment, what

will be the total financed price he paid for his home?

Answer 1

Answer: 251,203

Explanation:

Martin pays 965 every month for seven years. Therefore,

965×12×7= 81,060

Then, he has a balloon payment of 170,143 to make. Therefore, totaal financed price he paid for his home is 81,060+170,143= 251,203.

Answer 2

Answer: 251,203

Explanation:

Martin pays 965 every month for seven years. Therefore,

965×12×7= 81,060

Then, he has a balloon payment of 170,143 to make. Therefore, totaal financed price he paid for his home is 81,060+170,143= 251,203.