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Finance the purchase of a large tract of land

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You have just arranged for a $100,000 mortgage to finance the purchase of a large tract of land. The mortgage has a 12% NIR, and it calls for monthly payments over the next 10 yrs. However, the loan has a 3 yr balloon payment, meaning the loan must then be paid off. How big will the balloon payment be?

Reference no: EM133069096

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