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Question2 : (17 marks) One of your customersobtained a10-year loan of $1,000,000 from your company. The annual interest rate is5% with monthly payment. After he

Question2: (17 marks)

One of your customersobtained a10-year loan of $1,000,000 from your company. The annual interest rate is5% with monthly payment. After he made the30th payment, he told your company that hewould like to make balloon payment which means to pay off the overdue balance in a lump-sum amount.How much does he need to pay off the balance after 30th payment?

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