Question: Problem 6-71 Calculating a Balloon Payment [LO2] You have just arranged for a $1,700,000 mortgage to finance the purchase of a large tract of land.

Problem 6-71 Calculating a Balloon Payment [LO2] You have just arranged

Problem 6-71 Calculating a Balloon Payment [LO2] You have just arranged for a $1,700,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 7 percent, and it calls for monthly payments over the next 22 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. 10 points How big will the balloon payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment

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