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Question 4 You have just arranged for a $100,000 mortgage to finance the purchase of a large tract of land. The mortgage has a
Question 4 You have just arranged for a $100,000 mortgage to finance the purchase of a large tract of land. The mortgage has a 12% NIR, and it calls for monthly payments over the next 10 yrs. However the loan has a 3 yr balloon payment, meaning the loan must then be paid off. How big will the balloon payment be?
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
3rd Canadian Edition
978-0133035575, 133035573, 978-0133970524, 133970523, 978-0134040042
