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7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage $590,000 15/4 balloon 4.2% annual rate What is the monthly payment on this mortgage? $113,…

7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage $590,000 15/4 balloon 4.2% annual rate What is the monthly payment on this mortgage? $113,…
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7. An investor obtains a balloon mortgage with the terms shown below.

Balloon Mortgage
$590,000
15/4 balloon
4.2% annual rate
What is the monthly payment on this mortgage?
$113,374.51
$12,807.92
$4,423.53
$3,179.76

User Athira Reddy
by
7.7k points

1 Answer

3 votes

Answer

monthly payment is 4423.53

Explanation:

7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage-example-1
7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage-example-2
7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage-example-3
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7. An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage-example-5
User Jon Jaques
by
8.6k points
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