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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 $750,000 mortgage to finance the purchase of a large tract of land. The morgage has an 8.1 percent APR, and it calls for monthly payments over the next 30 years. However, the loan has eight-year balloon payment, meaning that the loan must be paid off then. How big will be the balloon payment be?

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