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You have just arranged for a $ 1 , 8 0 0 , 0 5 0 mortgage to finance the purchase of a large tract
You have just arranged for a $ mortgage to finance the purchase of a large tract of land. The mortgage has a APR semiannual and it calls for monthly payments over the next years. However, the loan has an eightyear balloon payment, meaning that the loan must be paid off then.
How big will the balloon payment beRound off EMR to decimal places. Round the final answer to decimal places. Omit $ sign in your response.
Balloon payment $
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