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You want a 28-year, fixed-rate mortgage to buy a new home for $469703. Your mortgage bank will lend you the money at an APR of

You want a 28-year, fixed-rate mortgage to buy a new home for $469703. Your mortgage bank will lend you the money at an APR of 4 per cent for this 28-year loan. However, you can afford monthly payments of only $1287, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Q. How large will this balloon payment have to be for you to keep your monthly payments at $1287? [Please do not enter the dollar symbol ($)]

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