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You purchased your house through a contract for deed. In addition to regular monthly payments, you will need to make a balloon payment (large single

You purchased your house through a contract for deed. In addition to regular monthly payments, you will need to make a balloon payment (large single payment) of $31,991.28 in 6 years. To prepare for this balloon payment, you will make annual payments into a fund paying 2.7%. How much should each annual payment be in order to satisfy the balloon payment when it is due?

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