The Last Payment of a Home Mortgage Is a Balloon

question 236

Multiple Choice

The last payment of a home mortgage is a balloon payment of $21,000 which the owner is scheduled to pay in 20 years.How much extra should he start including in each monthly payment to eliminate the
Balloon payment? His mortgage is at 10.6%, compounded monthly.Round to the nearest cent.

• A)$25.57
• B)$51.52
• C)$62.37
• D)$23.01
• E)$49.82

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Definitions:

Plasticity

The brain's ability to change and reorganize itself by forming new neural connections throughout life.

Genes

Units of heredity made up of DNA that act as instructions to make molecules called proteins, influencing individual development, behavior, and physical traits.

Self-Regulating

The ability to monitor and control our own behavior, emotions, or thoughts, altering them in accordance with the demands of the situation.

Prenatal Environments

Refers to the physical, chemical, and biological conditions that affect a fetus within the womb.