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Assume you have taken out a balloon mortgage loan for $6,250,000 paid monthly to finance the purchase of a commercial property. The loan has a
Assume you have taken out a balloon mortgage loan for $6,250,000 paid monthly to finance the purchase of a commercial property. The loan has a term of 5 years but amortizes over 25 years. Calculate the balloon payment at maturity (Year 5) if the interest rate on this loan is 5.5%.
A) $5,579,470
B) $6,112,542
C) $5,987,990
D) $4,355,690
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