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In: Finance

You would like to buy a house that costs $ 350000. You have $50,000 in cash...

You would like to buy a house that costs $ 350000. You have $50,000 in cash that you can put down on the? house, but you need to borrow the rest of the purchase price. The bank is offering you a? 30-year mortgage that requires annual payments and has an interest rate of 8% per year. You can afford to pay only $25,320 per year. The bank agrees to allow you to pay this amount each? year, yet still borrow $300,000. At the end of the mortgage? (in 30? years), you must make a balloon? payment; that?is, you must repay the remaining balance on the mortgage. How much will be this balloon? payment?

?Hint: The balloon payment will be in addition to the 30th payment.

The balloon payment is ____? (Round to the nearest? dollar.)

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jeff jeffy answered 2 years ago
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