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You have just arranged for a $1, 820, 000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR
You have just arranged for a $1, 820, 000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 8. 4 percent, and it calls for monthly payments over the next 20 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be? (Do not round intermediate calculations and round your final answer to 2 decimal places, (e. g. , 32. 16))
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