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292 Finance app
payment. Find the size of the balloon payment—that is,
the value of the mortgage after 10 years of payment.
The following cash flow diagram illustrates the case of a
mortgage with balloon payment:
1. Start the Finance app:
I
Select Finance
2. Return all fields to their default values:
SJ
3. Enter the known TVM
variables, as shown
in the figure.
4. Highlight PMT and
tap . The PMT field shows –984.10. In other
words, the monthly payments are $948.10.
5. To determine the balloon payment or future value (FV)
for the mortgage after 10 years, enter 120 for N,
highlight FV, and tap .
The FV field shows –127,164.19, indicating that the
future value of the loan (that is, how much is still
owing) as $127,164.19.