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6. -12 points TanFin12 5.3.048.CMI My Notes Ask Your Olivia plans to secure a 5-year balloon mortgage of $200,000 toward the purchase of a condominium.

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6. -12 points TanFin12 5.3.048.CMI My Notes Ask Your Olivia plans to secure a 5-year balloon mortgage of $200,000 toward the purchase of a condominium. Her monthly payment for the years is calculated on the basis of a 30-year conventional mortgage at the rate of 2%/year compounded monthly At the end of the 5 years, Olivia is required to pay the balance owed (the "balloon" payment). What will be her monthly payment for the frst 5 years, and what will be her balloon payment? (Round your answers to the nearest cent.) monthly payment balloon payment $

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