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Loan in the form of a single balloon payment

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You need 35year, fixed-rate mortgage to buy a new home for $325,000. Your mortgage bank will lend you the money at an APR of 6.2 percent for this 420-month loan. However, you can only afford monthly payments of $1,650, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

How large will this balloon payment have to be for you to keep your monthly payments at $1,650?

Reference no: EM132816105

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