Question: You need a 3 0 - year, fixed - rate mortgage to buy a new home for ( $ 1 8 0 ,

You need a 30-year, fixed-rate mortgage to buy a new home for \(\$ 180,000\). Your mortgage bank will lend you the money at a 6.6 percent APR for this 360-month loan. However, you can afford monthly payments of only \(\$ 1,000\), so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at \(\$ 1,000\)?
You need a 3 0 - year, fixed - rate mortgage to

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