Problemyou needed a 25-year fixed-rate mortgage to buy a, Ask an Expert

Accounting

Problem:

You needed a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank lent you the money at a 7.5 percent APR for this loan with monthly payments, with interest compounded monthly. Subsequently, you paid off the remaining loan balance in the form of a single balloon payment of $220,158.12.

Required:

Question: How many payments in total did you make prior to the single balloon payment?

Note: Provide support for your underlying principle.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168803

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