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A homeowner secures an improvement loan for $3,600, payable over 3 years plus interest at 15% per annum. If the loan is designed to be

A homeowner secures an improvement loan for $3,600, payable over 3 years plus interest at 15% per annum. If the loan is designed to be paid monthly, interest-only.With the balance due in full at the end of 3 years.



What is the total amount of the balloon payment?

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