### 6.3 Home Mortgages

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• Math Help

A spreadsheet was used in Example 4 to make an amortization table for a balloon mortgage.

Examples 2, 3, and 4 show several different ways to pay for a \$250,000 mortgage. The table below compares the different ways.

• Consumer Suggestion

To read more about the various types of mortgage loans, visit Bankrate.com to compare and better understand the differences.

• Checkpoint Solution

You could also use Excel's built in payment function, pmt(), to find the monthly payment. A spreadsheet showing the amortization schedule is shown below.

The balloon payment is \$171,178.24. The total interest paid is \$60,647.02.

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``` _    _      ___     __   __    ______   _    _
| || | ||   / _ \\   \ \\/ //  /_   _// | \  / ||
| || | ||  | / \ ||   \   //    -| ||-  |  \/  ||
| \\_/ ||  | \_/ ||   / . \\    _| ||_  | .  . ||
\____//    \___//   /_//\_\\  /_____// |_|\/|_||
`---`     `---`    `-`  --`  `-----`  `-`  `-`

```