Question: Arya borrowed $ 4 0 0 , 0 0 0 using a 3 8 - year, partially amortizing, constant payment mortgage with interest rate of

Arya borrowed $400,000 using a 38-year, partially amortizing, constant payment mortgage with interest rate of 9% p.a. compounded monthly.
The balloon payment due at maturity equals $100,000.
She always pays on time.
After paying the loan for 120 months, the balance of this loan equals $ ________.
Hint: calculate the monthly payment first. Pay attention to the sign of the balloon payment in your calculation.

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