Your mortgage bank will lend you the money

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Reference no: EM131838211

You need a 25-year, fixed-rate mortgage to buy a new home for $170,000. Your mortgage bank will lend you the money at a 9 percent APR for this 300-month loan. However, you can afford monthly payments of only $850, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. This balloon payment will have to be in the amount of $ for you to keep your monthly payments at $850. (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16))

Reference no: EM131838211

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