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How big will the balloon payment be

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Question: You have just arranged for a $1,800,050 mortgage to finance the purchase of a large tract of land. The mortgage has a 8.3% 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.

How big will the balloon payment be?

 

Reference no: EM133527593

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