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Tom has obtained a 5/25 balloon mortgage. After the initial period, he decided to refinance the balloon payment with a new 30-year mortgage. How many years will he be paying for…

Tom has obtained a 5/25 balloon mortgage. After the initial period, he decided to refinance the balloon payment with a new 30-year mortgage. How many years will he be paying for…
asked 214k views
3 votes
Tom has obtained a 5/25 balloon mortgage. After the initial period, he

decided to refinance the balloon payment with a new 30-year mortgage. How


many years will he be paying for his mortgage in total?

asked
User Seo
by
8.3k points

1 Answer

3 votes

Answer:

The answer is 35 years.

Explanation:

30+5=35

answered
User Sam Stephenson
by
7.9k points
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