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What is the total cost of this balloon mortgage

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Reference no: EM133005416

Problem - A bank is advertising the following mortgage:

Balloon Mortgage

$195,000

25/7 balloon

7.2% annual rate

Monthly Payment: $1,403.20

Balloon Payment: $170,644.33

Required - What is the total cost of this balloon mortgage?

Reference no: EM133005416

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