Balloon Payment

30. Balloon Payment

Audrey Sanborn has just arranged to purchase a $450,000 vacation home in the Bahamas with a 20 percent down payment. The mortgage has 7.5 percent stated annual interest rate, compounded monthly and calls for equal monthly payment over the next 30 years. Her first payment will be due one month from now. However the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charger. How much will Audrey’s balloon payment.

Jawab:

• Down Payment                                         = x $450,000           = $90,000[pic 1]
• Sisa yang harus dibayar selama 30 tahun= $450,000- $90,000         = $360,000
• Untuk mencari cicilan tetap yang harus dibayar perbulan selama 30 tahun nya adalah sebagai berikut :

PV Annuity        = $360,000

r                 = 7,5% pa → 7,5% : 12         =0.00625

T                 = 30 tahun → 30 x 12        =360 bulan

C                = ?

 [pic 2]

[pic 3]

[pic 4]

[pic 5]

• Mencari jumlah uang yang harus dibayar di tahun ke 8 dari keseluruhan cicilan yang harus dibayar selama 30 tahun(Balloon Payment) sebagai berikut :

r                 = 7,5% pa → 7,5% : 12         =0.00625

T                 = 30 tahun – 8 tahun = 22 tahun → 22 x 12 = 264 bulan

C                = $2517.1722

 [pic 6]

= [pic 7]

= $325001.730