You have just borrowed $180,000 to finance buying your home. The mortgage has 8% interest, compounded monthly. You must make monthly payments, with the first payment in one month and the last payment exactly fifteen years from today. There is an additional balloon payment in fifteen years to pay off the remaining value of the mortgage. If your monthly payments are $1000, Calculate how much is your balloon payment?

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The mortgage amount is 180000 and the interest rate is 8 per year compounded monthly Therefore the m... View the full answer