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28 January, 10:51

Martin has a 7/23 balloon mortgage on his $195,000 home. He has been

making payments of $965 each month and will have a balloon payment due

for the amount of $170,143. If he decides to make the balloon payment, what

will be the total financed price he paid for his home?

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Answers (1)
  1. 28 January, 11:13
    0
    Answer: 251,203

    Step-by-step explanation:

    Martin pays 965 every month for seven years. Therefore,

    965*12*7 = 81,060

    Then, he has a balloon payment of 170,143 to make. Therefore, totaal financed price he paid for his home is 81,060+170,143 = 251,203.
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