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How much does he need to pay off the balance

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Reference no: EM133143313

Question - One of your customers obtained a 10-year loan of $1,000,000 from your company. The annual interest rate is 5% with monthly payment. After he made the 30th payment, he told your company that he would like to make balloon payment which means to pay off the overdue balance in a lump-sum amount. How much does he need to pay off the balance after 30th payment?

Reference no: EM133143313

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