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You would Hee to bury a house that costs $350,000. You have $50,000 in cash that you can put down on the house, but you

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You would Hee to bury a house that costs $350,000. You have $50,000 in cash that you can put down on the house, but you need to berrow the rest of the purchase price. The bank is ottering you a 30 -year mortgage that requires annual payments and has an initorest rate of 10% per year. You can atlond to pay only $30,230 per year. The bank agrees to allow you to pay this amount each year, yet stil borrow $300.000. At the end of the mortgage (in 30 years), you must make a balloon payment, that is, you must repay bue ramairing balance on the mortgage. How much wil be this balloon payment? Hint: The baloon payment will be in addition to the 30 th payment. The balion payment is ? (Riound to the nearest dollat)

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