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A 10-year fixed-rate balloon mortgage loan is made for $350,000 at 7% interest rate. a. If the balloon payment is $200,000, what is the monthly

A 10-year fixed-rate balloon mortgage loan is made for $350,000 at 7% interest rate.

a. If the balloon payment is $200,000, what is the monthly payment?

b. If the monthly payment is to decrease by $500, how much should the balloon payment increase?

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