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You decide to purchase a $500,000 home. You are required to put 20% and the current mortgage rate on a 30 year fixed loan is

You decide to purchase a $500,000 home. You are required to put 20% and the current mortgage rate on a 30 year fixed loan is 6% APR. If you can only afford a monthly payment of $1,200 per month, what is your balloon payment at the maturity of the loan?

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