Carson is accepted for a 20/10 balloon mortgage at 4.27%. If Carson finances $235,750, how much will his balloon payment be?
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I don't seem to remember the formulas, if psble can you take a screenshot of balloon mortgage lessons page and attach ?
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um i cant
but i do remember the formulas
what does `20/10 balloon mortgage` mean ?
what quantities do 20 and 10 represent here ?
The 20 means that the beginning fixed monthly payments are going to be calculated as if
the mortgage would be paid off in 20 years. The 10 means that fixed payments will be made for 10 years. After the 10 years, the balloon payment is due.