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Robert purchased a 2010 model sedan for $16,000. The dealership offered him a $99/month payment for 60 months, after which the unpaid balance is due. If the interest rate is 6%, find the balloon payment due at the end of 60 months.

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Answer: Your payment is $309.32 for sixty month's (60) with a rate of 6%.

Explanation: Your payment of $309.32 is fixed for the 5 year term (60 months) of your balloon loan. After 59 regular monthly payments you will have a balloon payment of $309.68 that will need to be paid off or refinanced. Your balloon payment of $309.68 does not include any prepayments.

$14,674.37 APPPPPEEEEXXXX

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