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You have just arranged a $ 2 0 0 , 0 0 0 mortgage to finance the purchase of a sizeable piece of land. You
You have just arranged a $ mortgage to finance the purchase of a sizeable piece of land. You have indicated to your loans officer that you can orly afford to pay $ per month for the year term of the loan and would like to pay any remaining balance as a balloon payment at the end of the years. The interest rate is ;Required:Calculate the amount of the balloon payment.
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