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(Solved): You have just arranged for a $1,760,000 mortgage to finance the purchase of a large tract of land. T ...



You have just arranged for a

$1,760,000

mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 7.6 percent, and it calls for monthly payments over the next 25 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. 04:34 Balloon payment

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