Question: 35. Problem 5.35 (Amortization Schedule with a Balloon Payment) afford to make payments of no more than $11,000 per year given your salary. (The loan

35. Problem 5.35 (Amortization Schedule with a Balloon Payment) afford to

35. Problem 5.35 (Amortization Schedule with a Balloon Payment) afford to make payments of no more than $11,000 per year given your salary. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.) a. If the loan was amortized over 3 years, how large would each annual payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Could vou afford those pavments? b. If the loan was amortized over 30 years, what would each payment be? Do not round intermediate calculations. Round your answer to the nearest cent. $ Could you afford those payments? loan. What would the loan balance be at the end of Year 3 , and what would the balloon payment be? Do not round intermediate calculations. Round your answers to the nearest cent. Loan balance: $ Balloon payment: \$

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