Veronica got a 5/25 balloon mortgage and her initial payments were $995. she decided to refinance her balloon payment with a 30-year mortgage and her new payments were $977. what is the total financed cost she paid for her house? a.$411,420b.$34,020c.$337,320d.$399 ,900

The right answer is option A.$411,420

Step-by-step explanation:

The 5/25 name means that the loan has a fixed rate for the first five years.

Given is : Veronica's initial payments were $995.

For first 5 years she paid =

dollars

Then she decided to refinance her balloon payment with a 30-year mortgage and her new payments were $977.

So, next payments will be for 30 years. The payments will be =

dollars

So, total financed cost Veronica paid for her house is =

dollars

Therefore, option A is the answer.