You have just arranged for a $1,560,000 mortgage to finance the purchase of a la

Question

You have just arranged for a $1,560,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 5.6 percent, and it calls for monthly payments over the next 30 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then.

How big will the balloon payment be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Please help and show work if possible

You have just arranged for a $1,560,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 5.6 percent, and it calls for monthly payments over the next 30 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then.

Explanation / Answer

monthly payment = 8,955.63

ballon payment 1,357,650.20

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