Question: Problem 6-71 Calculating a Balloon Payment [LO2] You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land.

Problem 6-71 Calculating a Balloon Payment [LO2] You have just arranged for a $1,500,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 5 percent, and it calls for monthly payments over the next 20 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? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) Balloon payt

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