You would like to buy the house and take the mortgage, Finance Basics

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You would like to buy the house and take the mortgage

Question: You would like to buy the house and take the mortgage described in Problem 36. You can afford to pay only S23,500 per year. The bank agrees to allow you to pay this amount each year, yet still borrow S300,000. 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 this balloon payment be?

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