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Assume you have taken out a balloon mortgage loan for $3,500,000 to finance the purchase of a commercial property. The loan has a term of
Assume you have taken out a balloon mortgage loan for $3,500,000 to finance the purchase of a commercial property. The loan has a term of 4 years but amortizes over 30 years. Calculate the balloon payment at maturity (Year 4) if the interest rate on this loan is 4.5%.
$17,733.99
$2,803,130.22
$3,190,527.10
$3,258,102.75
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