Mikey likesitis purchasing a vacation home for 750000 and, Ask an Expert

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Mikey Likesitis purchasing a vacation home for $750,000 and is providing a 25% down payment on the purchase. The mortgage has a stated rate of 6.5% with monthly payments for 30 years. His first payment is due in one month. Because of Mikey’s risk factors, the bank has added a balloon payment at the end of the 8thyear. If Mikey makes the payments as promised, what will be the balance (balloon payment) on the loan at the end of the eight years?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92819197

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