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Find how big will the balloon payment be

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Reference no: EM132714306

You have just arranged for a $1,800,170 mortgage to finance the purchase of a large tract of land. The mortgage has a 9.5% APR (semiannual), and it calls for monthly payments over the next 30 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then.

Problem 1: How big will the balloon payment be?

Reference no: EM132714306

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