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Posted on Jul 09, 2024

If you borrow $ 3 0 , 0 0 0 from a bank for 7 years at an interest rate of 8 . 5 %

If you borrow $

30, 000

from a bank for

7

years at an interest rate of

8.5 %,

how much will you owe in balloon payment at the end of the loan's term? This is a balloon loan with all payment due at the end. Round to the nearest dollar.

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