Question: You have just arranged for a 1 800 000 mortgage to finance
You have just arranged for a $1,800,000 mortgage to finance the purchase of a large tract of land. The mortgage has a 7.8 percent APR, 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?
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