Mathematics

Britney Drake

18 July, 04:03

You have just arranged for a $1,640,000 mortgage to finance the purchase of a large tract of land. the mortgage has an apr of 6.4 percent, 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?

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