Troy has a 7/23 balloon mortgage on his $260,000 home. He has been

making payments of $1323 each month and will have a balloon payment due

for the amount of $198,569. If he decides to make the balloon payment, what

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

$309,701

Explanation:

A balloon mortgage refers to any mortgage that doesn't fully amortize.

In a 7/23 Balloon mortgage - the rate is fixed for a period of 7 years and then converts to a new fixed rate for the remaining 23 years.

If Troy has been paying $1323 per month for 7 years.

Total Amount already paid= $1323 X 7 X 12 = $111,132

Balloon Payment Due = $198,569

If he decides to make the payment, the total financed price paid for his home = Total of Amount Paid per Month + Balloon Payment

=111132+198569

=$309,701

aug 15, 2012 - although van leeuwenhoek was not the inventor of the microscope, he advanced it more he loved to grind and focus a new lens in order to see the unseen world. most of leeuwenhoek's microscopes were silver. in a simple but significant experiment (1668), he demonstrated that worms found on

disease was the number one killer of native peoples. they had had little exposure to the diseases of europe. this led to some villages being almost completely wiped out and some tribes destroyed.