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You would like to buy a house that costs $ 350 comma 000. You have $...

You would like to buy a house that costs $ 350 comma 000. You have $ 50 comma 000 in cash that you can put down on the​ house, but you need to borrow the rest of the purchase price. The bank is offering a​ 30-year mortgage that requires annual payments and has an interest rate of 7 % per year. You can afford to pay only $ 23 comma 500 per year. The bank agrees to allow you to pay this amount each​ year, yet still borrow $ 300 comma 000. At the end of the mortgage​ (in 30​ years), you must make a balloon​ payment; that​ is, you must repay the remaining balance on the mortgage. How much will this balloon payment​ be?

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Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

AS NOTHING WAS MENTIONED, SOLVED USING EXCEL. IF YOU NEED WITH FORMULA, WILL DO IT THANK YOU

Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text aCopy B 1 u. ,_a. ars-函Merge & Center, $, % , 弼,8 C Conditional Format CeInsert Delete Format Formatting as Table Styles2 Clear Sort &Find & Format Painter Clipboard Alignment Number Cells Edting G379 363 364 365 366 367 368 369 370 371 372 373 374 375 376 ANSWER 377 378 379 380 381 3,00,000350000-50000] LOAN RATE YEARS 7% 30 BANK ALLOWS YOU TO PAY 23500 PER YEAR AS INSTALMENT LOAN AMOUNT AVAILABLE AS PER 23500 INSTALMENT LOAN AMOUNT $ 2,91,612.47 EXCEL-PV(7%,30,-23500) 8,387.53 (300000 291612.47) DIFFERENCE FUTURE VALUE $63,848.02 EXCEL-FV(7%,30,,-8387.53) SO BALOON PAYMENT WILL BE- $63,848.02 제 トト11 CALCULATOR | LOAN OPTIONS fv. ann CAP STRU VALUE BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO Sheeti Sheet2 ShelI 12-01-2019

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