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Deepak's company buys a property valued at $ 1 0 , 0 0 0 and finances the purchase with an 6 8 % LTV loan.

Deepak's company buys a property valued at $10,000 and finances the purchase with an 68% LTV loan. The bank offers a 25 year amortization schedule with 6.3% interest and monthly payments and requires a balloon repayment after 5 years. If Deepak's company holds on to the mortgage at maturity, what will be their balloon payment (only loan balance still owed) at the end of the mortgage term (after making 5 years of monthly payments)? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58)

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