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6. value: 10.00 points You need a 15-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money
6. value: 10.00 points You need a 15-year, fixed-rate mortgage to buy a new home for $250,000. Your mortgage bank will lend you the money at a 6.1 percent APR for this 180-month loan. However, you can afford monthly payments of only $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at $1,000? $122,946.74 $132,251.67 $329,438.26 $342,615.79 O $319,555.11
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