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Amount which can be Borrowed for a given Balloon

Solver
	%	Interest Rate
		Number of Periods/Year
		Total Number of Periods
$		Payment Amount
$		Balloon (Balance at Term)

Explanation

This is roughly the same example used for the payment amount for a balloon loan except that it is reversed to solve for the amount which can be borrowed.

Results

The amount that can be borrowed is $21,216.09.

Example

We estimate that our truck will be worth $11,000 at the end of 3 years at which time we will sell it. We would like to keep the payments to $390 per month. If the interest rate is 7 3/4% and we make monthly payments how much can we borrow to leave this balloon?

You may enter your terms in the boxes above. Just click 'Solve' to calculate. Click 'Reset' to redisplay this example.

These calculations are presented for demonstration purposes only.
Contact Math Corporation for additional information.

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Thursday, Sep 9, 2010

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