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You have just arranged for a $ 7 5 0 , 0 0 0 mortgage to finance the purchase of a large tract of land.
You have just arranged for a $ mortgage to finance the purchase of a large tract of land. The morgage has an percent APR, and it calls for monthly payments over the next years. However, the loan has eightyear balloon payment, meaning that the loan must be paid off then. How big will be the balloon payment be
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