You need a 30-year fixed-rate mortgage to buy a new home, Financial Management

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

You need a 30-year, fixed-rate mortgage to buy a new home for $225,000. Your bank will lend you the money at an APR of 5.5 percent with monthly compounding. You can only afford monthly payments of $1,000 for principal and interest, so you offer to pay off any remaining loan balance at the end of the loan term in the form of a single balloon payment. What will be the amount of the balloon payment?

a-232,191

b-213,316

c-254,480

d-253,550

e) 226,315

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Financial Management: You need a 30-year fixed-rate mortgage to buy a new home

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