Find the amount of the balloon payment

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Reference no: EM133496492

Question: Alex loans Nomar $200,000 at a rate of 12% nominal interest convertible quarterly. They agree that Nomar will repay the loan by making quarterly payments. These payments will each be $22,000 except for the last payment which will be a balloon payment. Find the amount of the balloon payment. (Round your answer to the nearest cent.)

Reference no: EM133496492

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