Question: 8 You need a 3 0 - year, fixed - rate mortgage to buy a new home for $ 2 5 0 , 0 0

8 You need a 30-year, fixed-rate mortgage to buy a new home for $250,000. Your bank will lend you the money at a 5.3
percent APR for this 360-month loan. However, you can only afford monthly payments of $950, so you offer to pay off any
remaining foan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment
have to be for you to keep your monthly payments at $950?
8 You need a 30-year, fixed-rate mortgage to buy a new

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