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Nikitich [7]
3 years ago
9

You have just arranged for a $1,640,000 mortgage to finance the purchase of a large tract of land. the mortgage has an apr of 6.

4 percent, and it calls for monthly payments over the next 30 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?
Mathematics
1 answer:
sergeinik [125]3 years ago
3 0
You would take 6.4% into 1640000 and you would pay that the next 30 years

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