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You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 8

  1. You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 8 percent, and it calls for monthly payments over the next 20 years. However the loan has a 12 year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be?

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