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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
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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jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2sorry just noticed this now

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2I would use that same calculator use it to determine his monthly payment and what the balloon balance will be

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2let me know what you get

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0what would I put in for the years??

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.225 because of the "25/9"

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2"25/9" means you have a 25 yr mortgage but the balloon payment hits right after year 9

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok that helps a lot!

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2what monthly payment do you get

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I got 3,219.10 but it's the same every month and I thought it was supposed to change

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2you're thinking of an ARM

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2ARM = adjustable rate mortgage

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2what is the remaining balance in June 2024 ?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2you 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
 one year ago
Best ResponseYou've already chosen the best response.2Then you add on the remaining balance because that's the balloon payment

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0and the remaining balance I would be on June of 2024 right?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.2yeah the remaining balance there

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok, 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
 one year ago
Best ResponseYou've already chosen the best response.2you 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
 one year ago
Best ResponseYou've already chosen the best response.0You 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
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