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QUESTION X You plan to borrow $500,000 to buy a property from a bank that agrees to calculate the monthly payments based on a 30-

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QUESTION X You plan to borrow $500,000 to buy a property from a bank that agrees to calculate the monthly payments based on a 30- year loan. You agreed to the following information; Loan (S Period (years 500000 30 nterest Maturity 8% 2D See: C15 Mortgage Calculations and Decisions Students.xlsx However, you will fully paid the loan on the 20 year. You agree to make equal balloon payments on the 10 year and 20 year. No other cost is involved in this agreement. a) Calculate the monthly payments based on the 30-year loan. (You must show your complete steps in using the financial calculator). b) Calculate the amount of the two balloon payments. (You must show your complete steps in using the financial calculator)

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