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14. You have just arranged for a $120,000 mortgage to finance the purchase of a large tract of land. The mortgage has a 12 percent

14. You have just arranged for a $120,000 mortgage to finance the purchase of a large tract of land. The mortgage has a 12 percent APR, and it calls for monthly payments over the next 10 years. However, the loan has a three-year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be?

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