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An appraiser doing market research found a comparable sale in which the seller took back a mortgage with a 20% down payment at 8% per

An appraiser doing market research found a comparable sale in which the seller took back a mortgage with a 20% down payment at 8% per year with monthly payments based on a 30-year amortization but with a five-year balloon payment. The sale price was $209,000. The current market rate for mortgages is 5% for 30 years. A week after the closing, the seller sold the mortgage for $150,000 to a local real estate broker. What is the cash-equivalent sale price of this comparable sale?

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