Mortgage to finance the purchase of large tract of land

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Reference no: EM131451027

You have just arranged for a $1,740,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 7.4 percent, and it calls for monthly payments over the next 20 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: EM131451027

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