Marlin obtains a 20/6 balloon mortgage to finance $305,500 at 5.75%. How much principal and interest will he have already paid when his balloon payment is due?

$188,267.86

$152,285.77

$154,430.64

$249,256.48

$154,430.64

Step-by-step explanation:

The first step is for us to determine the monthly payment as follows:

Mortgage amount can be found as the present value of all monthly payments, hence, using the formula below we can determine monthly payment as follows:

mortgage amount=monthly payment*(1-(1+r)^-n/r

mortgage amount=$305,500

monthly payment is unknown

r=monthly interest rate=5.75%/12=0.4791667%

n=number of monthly payments in 20years=20*12=240

305,500=monthly payment*(1-(1+0.4791667% )^-240/0.4791667%

305,500=monthly payment*(1-0.31750756 )/0.0047916670

305,500=monthly payment*0.68249244 /0.0047916670

monthly payment=305,500*0.0047916670 /0.68249244

monthly payment=$2,144.87  

Number of months that payments have been made=6*12=72

total paid=$2,144.87*72

total paid for 6 years=$ 154,430.64  

neither i nor ii 56 / 4.9 = 11.91489362 and 82 / (11+5) =5.125 so i is wrong

ii. (24/8+2) times 3 = 15 and (42+9)/2 =25.5

step-by-step explanation:

56

for the first question it would be the second answer for the second question it would be the third answer and for the third question it would be the first answer

step-by-step explanation: