Question: Calculating Loan Payments [ LO 2 ] You need a 3 0 - year, fixed - rate mortgage to buy a new home for $

Calculating Loan Payments [ LO2] You need a 30-year, fixed-rate mortgage to buy a new home for $245,000. You mortgage bank will lend you the money at an APR of 4.8 percent for this 360-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the for a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $900?
Calculating Loan Payments [ LO2] You need a 30-year, fixed-rate mortgage

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