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You need a 15-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 7.6 percent
You need a 15-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 7.6 percent APR for this 180-month loan. However, you can afford monthly payments of only $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,000? Multiple Choice $92,135.24 $310,624.27 $333,040.45 $320,231.2 $102,784.86
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