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You need a 30-year fixed rate mortgage to buy a new home for

Homework Assistance Finance You need a 30-year fixed rate mortgage to buy a new home for

Finance

You need a 30-year fixed rate mortgage to buy a new home for

You need a 30-year fixed rate mortgage to buy a new home for $290,000. Your mortgage bank will lend… Show more You need a 30-year fixed rate mortgage to buy a new home for $290,000. Your mortgage bank will lend you the money at a 5.85 percent APR for this 360-month loan. However, you can afford monthly payments of only $1,300, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,300? • Show less

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