10% down 10% interest 5 year ballon 30 Year amortization

[Marija Petrovic]

10% down 10% interest 5 year ballon amortization 

Can someone explain to me exactly how this works please. 5 years 10% interest - does it mean for 5 years you only pay interest?

Thank you!

[Wayne Brooks]

A crazy high interest rate, more than double the market rate.

Your payment will be 8.7757 per $1000 borrowed, per month, principal and interest.  At the end of 5 years you’ll owe 96.502% of what you borrowed.