What are the monthly payments over the next five years

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Reference no: EM131853572

You are buying a house and have borrowed $711,000 at an annual interest rate of 5.5 percent. The terms of the loan require you to make monthly payments over the next five years and then to make a final balloon payment at the end of the fifth year to pay off the remaining outstanding principal of $343,000. What are the monthly payments over the next five years going to be??

Please show work and formulas used.

Reference no: EM131853572

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