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You need a 25-year fixed-rate mortgage to buy a new home

You need a 25-year, fixed-rate mortgage to buy a new home for $255,000. Your mortgage bank will lend you the money at a 5.5 percent APR for this 300-month loan. However, you can only afford monthly payments of $950, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

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Financial Management: You need a 25-year fixed-rate mortgage to buy a new home

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