Siegell's Locksmith Shop is taking out a mortgage on a new building. It is going to be an interest-only, 12-year balloon mortgage for $350,000. The APR is 7.1%. The last payment will be the balloon payment of the full principal.
a. Find the total interest for the 12-year mortgage. b. Find the total number of monthly payments, not including the final balloon payment.
c. Find the amount of each monthly payment if the payments are interest-only. Round to the nearest cent.
d. Find the difference between the regular monthly payment and the balloon payment, to the nearest hundred dollars.
e. If the mortgage was not a balloon mortgage, what would be the amount of the monthly payment, rounded to the nearest cent?