David purchased a $ 155,000 home with a 7/23 balloon mortgage. His initial rate was 3.5%. At the end of the initial rate, I decided to refinance the balloon payment with a 30-year mortgage fixed at 5%.

David purchased a $ 155,000 home with a 7/23 balloon mortgage. His initial rate was 3.5%. At the end of the initial rate, I decided to refinance the balloon payment with a 30-year mortgage fixed at 5%. What is his new mortgage payment? A. $ 696.02 B. $ 707.63 C. $ 707.23 D. $ 654.87

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David purchased a $ 155,000 home with a 7/23 balloon mortgage. His initial rate was 3.5%. At the end of the initial rate, I decided to refinance the balloon payment with a 30-ye…

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