Miranda obtains a $296,000 15/5 balloon mortgage with a rate of 6.75%. What will her monthly payments be? 

2.Stephanie finances $423,000 with a 20/5 balloon mortgage at 4.45%. How much will she pay for principal and interest over the life of the loan? 

Answer the question below using the following amortization table.

Month| Principal    | Paid Interest | Paid Balance

21       | $737.19       |$1,099.68      |$191,110.67

22      | $741.43      |$1,095.44       |$190,369.24

23      | $745.70      |$1,091.17        |$189,623.54

24      | $767.99      |$1,068.88      |$188,855.55

25      | $  754.30   |$1,082.57       |$188,101.35

What is the regular monthly payment? 

Answer rating: 100% (QA)

To calculate the regular monthly payment for a balloon mortgage we need to use the loan amou... View the full answer