Calculator Problem – 07/28/2014

You buy acreage for $150,000 with 10% down and the balanced carried over 30 years but the note will balloon in 20 years at 5% interest.  What is the monthly payment?

(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to https://www.facebook.com/garyjohnstonseminars for the answer.)

Answer for 07/14/2014 problem:

(N=12,PV= -85,PMT=0,FV=140) I=50.95%