How much will your balloon payment be for in this loan

Reference no: EM132182278

Question - Property Value 350,000, 2-year interest only with Balloon, term 2-30, interest rate 5%, required percent down 20%, closing costs 5000, origination points 2%, increase in rate if 2nd Mortgage used.

a. How much will your balloon payment be for in this loan?

b. How much will your payment increase if you take out a second mortgage?

c. What is the Effective Borrowing Cost (%)?

Reference no: EM132182278

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