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Question3 a) You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank wil lend you the money at a

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Question3 a) You need a 30-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank wil lend you the money at a 5.25 percent APR for this 360-month loan. However, you can only afford monthly payments of $97 the form of a single balloon payment. How large will this balloon payment have to be for you tok your monthly payments at $975 5, so you offer to pay off any remaining loan balance at the end of the loan in eep

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