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The bank of montreal will provide a loan of $30000. The annual interest will be 8%, compounded annually. Interest only payments are needed- until the

The bank of montreal will provide a loan of $30000. The annual interest will be 8%, compounded annually. Interest only payments are needed- until the loan is due in 5 yrs, where a balloon payment for the full balance must be paid.

How do I calculate a balloon payment compounded annually instead of monthly?

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