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Calculate out the monthly payment for the note

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Question - You are securing a new mortgage note totaling $180,000.  It is a balloon note that matures (must be paid off) in 7 years.  The monthly payments will be calculated based on the note amortizing over a 30-year period at an annual rate of 4.25%.  From this information, please calculate out the monthly payment for the note and tell me how much you will owe the bank when the note balloons in 7 years.

Reference no: EM132823243

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