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You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.5 percent
You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.5 percent APR for this 300-month loan. However, you can afford monthly payments of only $950, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. This balloon payment will have to be in the amount of $ your monthly payments at $950. (Do not include the dollar sign (S). Round your answer to 2 decimal places. (e.g., 32.16)) for you to keep
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