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You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with

You buy a property valued at $4,000,000 and finance your purchase with a 70% LTV loan. The bank offers a 20 year amortization schedule with 5% interest and monthly payments and requires a balloon repayment after 5 years. What will your balloon payment be at the end of the mortgage term? State your answer as a positive number rounded to the nearest cent

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