You need a 35-year, fixed-rate mortgage to buy a new home for $275.000. Your mortgage...
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You need a 35-year, fixed-rate mortgage to buy a new home for $275.000. Your mortgage bank will lend you the money at an APR of 5.7 percent for this 420-month loan. However, you can afford monthly payments of only $1150. so you offer to pay off any remaining loan balance at the end of the loan n the form of a single balloon payment How large will this balloon payment have to be for you to keep your monthly payments at $150? (Do not round Intermediate calculations and round your answer to decimal places, e.g. 32.16.) Bacon payment
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