Given the Following Information,calculate the Balloon Payment for a Partially

question 16

Multiple Choice

Given the following information,calculate the balloon payment for a partially amortized mortgage.Loan amount: $84,000,Term to maturity: 7 years,Amortization Term: 30 years,Interest rate: 4.5%,Monthly Payment: $425.62.

• A)$9,458
• B)$30,620
• C)$73,103
• D)$84,000

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Definitions:

Variable Costs

Variable Costs are expenses that change in proportion to the activity of a business.

Fixed Costs

Costs that do not change with the volume of production or sales, such as rent, salaries, and insurance premiums.

Business Plan

A formal document detailing the goals, strategy, market, and financial projections for a business's operations.

Operating Income

The profit realized from a business's core operations, excluding deductions of interest and taxes.