business math

Business & Finance
Tutor: None Selected Time limit: 3 Days

You find a great deal for your house! The bank agrees to give you a 5 year loan where you only pay $100 a month, and at 0% interest. What can go wrong? However, when 5 years pass you realize you agreed to a balloon mortgage, and all the rest of that loan is due right now. How much do you need to pay for your final (60th) payment? Explain how you got your answer and your reasoning behind it.
Sep 22nd, 2013
Question Error. If there is no interest rate then it is not possible to calculate the Principal Amount of which the interest is $100.
Sep 22nd, 2013

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Sep 22nd, 2013
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Sep 22nd, 2013
Feb 21st, 2017
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