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Jay would like to purchase a machine which has a life of 10 years the machine costs $850000 the bank will loan 80% of the

Jay would like to purchase a machine which has a life of 10 years the machine costs $850000 the bank will loan 80% of the cost at an interest rate of 2.75% per year compounded quarterly if Jay agrees to make a payment of $5000 at the beginning of each month for five years and a ballon payment at the end of the machine life How much will the baloon payment be?

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