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anonymous

  • one year ago

@jim_thompson5910 I need you help wise one!! Jordan finances $459,600 with a 25/9 balloon mortgage at 6.9%. How much will he pay for principle and interest over the life of the loan? A) $491,312.40 B) $965,730.00 C) $721,306.34 D) $723,454.79

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  1. jim_thompson5910
    • one year ago
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    sorry just noticed this now

  2. jim_thompson5910
    • one year ago
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    I would use that same calculator use it to determine his monthly payment and what the balloon balance will be

  3. jim_thompson5910
    • one year ago
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    let me know what you get

  4. anonymous
    • one year ago
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    what would I put in for the years??

  5. jim_thompson5910
    • one year ago
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    25 because of the "25/9"

  6. jim_thompson5910
    • one year ago
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    "25/9" means you have a 25 yr mortgage but the balloon payment hits right after year 9

  7. anonymous
    • one year ago
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    ok that helps a lot!

  8. jim_thompson5910
    • one year ago
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    what monthly payment do you get

  9. anonymous
    • one year ago
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    I got 3,219.10 but it's the same every month and I thought it was supposed to change

  10. jim_thompson5910
    • one year ago
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    you're thinking of an ARM

  11. anonymous
    • one year ago
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    Im so confused...

  12. jim_thompson5910
    • one year ago
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    ARM = adjustable rate mortgage

  13. jim_thompson5910
    • one year ago
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    what is the remaining balance in June 2024 ?

  14. anonymous
    • one year ago
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    $373,643.54

  15. jim_thompson5910
    • one year ago
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    you pay 9 years worth of monthly payments of $3,219.10 (3,219.10 per month)*(12 months per year)*(9 years) = 347,662.80

  16. jim_thompson5910
    • one year ago
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    Then you add on the remaining balance because that's the balloon payment

  17. anonymous
    • one year ago
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    and the remaining balance I would be on June of 2024 right?

  18. jim_thompson5910
    • one year ago
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    yeah the remaining balance there

  19. anonymous
    • one year ago
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    ok, the answer I got is $721,295.54 but that's not an option. it's close to one but not exact. now what?

  20. jim_thompson5910
    • one year ago
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    you pay 9 years worth of monthly payments of $3,219.10 (3,219.10 per month)*(12 months per year)*(9 years) = 347,662.80 then add on the remaining balance for june 2024 (principle+interest) + (balloon payment) = (347,662.80)+(373,643.54) = 721,306.34

  21. anonymous
    • one year ago
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    You are a life saver my friend!!! None of my teachers could have explained it to me the way you have! Thank You So Freaking Much!!! :D

  22. jim_thompson5910
    • one year ago
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    no problem

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