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What is balloon payment if make monthly payments

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Question 1: You are buying a new home for $450,000 with a 30-year, fixed-rate mortgage. The APR for the loan is 4.8% compounded monthly. However, you can only make monthly payments of $1,800. The loan has a balloon payment at the end of 7 years. What is your balloon payment if you make monthly payments at $1,800?

Reference no: EM132869342

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