anonymous
  • anonymous
@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
Mathematics
chestercat
  • chestercat
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jim_thompson5910
  • jim_thompson5910
sorry just noticed this now
jim_thompson5910
  • jim_thompson5910
I would use that same calculator use it to determine his monthly payment and what the balloon balance will be
jim_thompson5910
  • jim_thompson5910
let me know what you get

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anonymous
  • anonymous
what would I put in for the years??
jim_thompson5910
  • jim_thompson5910
25 because of the "25/9"
jim_thompson5910
  • jim_thompson5910
"25/9" means you have a 25 yr mortgage but the balloon payment hits right after year 9
anonymous
  • anonymous
ok that helps a lot!
jim_thompson5910
  • jim_thompson5910
what monthly payment do you get
anonymous
  • anonymous
I got 3,219.10 but it's the same every month and I thought it was supposed to change
jim_thompson5910
  • jim_thompson5910
you're thinking of an ARM
anonymous
  • anonymous
Im so confused...
jim_thompson5910
  • jim_thompson5910
ARM = adjustable rate mortgage
jim_thompson5910
  • jim_thompson5910
what is the remaining balance in June 2024 ?
anonymous
  • anonymous
$373,643.54
jim_thompson5910
  • jim_thompson5910
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
jim_thompson5910
  • jim_thompson5910
Then you add on the remaining balance because that's the balloon payment
anonymous
  • anonymous
and the remaining balance I would be on June of 2024 right?
jim_thompson5910
  • jim_thompson5910
yeah the remaining balance there
anonymous
  • anonymous
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?
jim_thompson5910
  • jim_thompson5910
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
anonymous
  • anonymous
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
jim_thompson5910
  • jim_thompson5910
no problem

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