Question: You are purchasing a $1,000,000 home by putting down $150,000 and borrowing $850,000 at an APR of 4%. The loan is for 30 years and

You are purchasing a $1,000,000 home by putting down $150,000 and borrowing $850,000 at an APR of 4%. The loan is for 30 years and calls for monthly payments (and is compounded monthly). The first payment is due one month from now. However, the loan has a balloon payment at the end of five years. What will the balloon payment be in five years?

Group of answer choices

643,780.19

768,893.86

491,009.22

710,444.74

788,906.03

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