Answered step by step

Verified Expert Solution

## Question

1 Approved Answer

# 1)Suppose you obtain owner financing on a fixer-upper Cost is $76,000.You make monthly payments based on a 10 year term @8% APR. What is the

1)Suppose you obtain owner financing on a fixer-upper Cost is $76,000.You make monthly payments based on a 10 year term @8% APR. What is the balloon payment due in 3 years?

## PV APR CF Years N Pmt FV $ 165,000 8.75% 12 30 360 ($1,298.06) $ $ 165,000 8.75% 12 5 60 ($1,298.06) $ 200.00 $ 157,887 8.75% 12 10 120 ($1,498.06) $ 91,717 8.75% 12 6.78 81.40 ($1,498.06) ($157,886.73) ($91,716.58) $0.00

## Step by Step Solution

There are 3 Steps involved in it

### Step: 1

To solve this problem we need to calculate the monthly payment and then find the remaini...### Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

### Step: 2

### Step: 3

## Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started