Question: You have just arranged for a $ 1 , 8 0 0 , 1 0 0 mortgage to finance the purchase of a large tract

You have just arranged for a $1,800,100 mortgage to finance the purchase of a large tract of land. The mortgage has a 8.8% APR
(semiannual), 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?(Round off EMR to 4 decimal places. Round the final answer to 2 decimal places. Omit $ sign
in your response.)
Balloon payment
You have just arranged for a $1,800,100 mortgage to finance the

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