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Joanne and Bill are financing a $305500 to purchase a house. They obtained a 20/6 balloon mortgage at 5.75% interest. What will their balloon payment be?

Joanne and Bill are financing a $305500 to purchase a house. They obtained a 20/6 balloon mortgage at 5.75% interest. What will their balloon payment be?
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1 vote
Joanne and Bill are financing a $305500 to purchase a house. They obtained a 20/6 balloon mortgage at 5.75% interest. What will their balloon payment be?

asked
User Mathias Kemeter
by
8.4k points

1 Answer

7 votes
The answer is =$249,256.48
answered
User Brian Rice
by
8.3k points
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