The Last Payment of a Home Mortgage Is a Balloon

question 279

Multiple Choice

The last payment of a home mortgage is a balloon payment of $23,000 which the owner is scheduled to pay in 24 years.How much extra should he start including in each monthly payment to eliminate the
Balloon payment? His mortgage is at 9.4%, compounded monthly.Round to the nearest cent.

• A)$19.16
• B)$33.89
• C)$44.44
• D)$21.29
• E)$48.44

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