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3. [1.5 pts] Joe takes out a $7,000 loan which requires sixty equal monthly payments starting at the cnd of the first month. The annual intcrcst ratc is 8% convcrtiblc monthly. He arranges to make no payments for the first five months and then make the same payments he would have made plus an extra payment at the end of the sixtieth month. How much will this balloon payment be? (The balloon payment = the originally scheduled payment + the extra payment.)