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How big will the balloon payment be

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Reference no: EM132125145

You have just arranged for a $1,840,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 8.6 percent, and it calls for monthly payments over the next 25 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then.

How big will the balloon payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Balloon payment$

Reference no: EM132125145

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