Question

You have just arranged for a $1,800,150 mortgage to finance the purchase of a large tract of land. The mortgage has a 9.3% 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?

Answer #1

Formulae

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Please post with step-by-step solution.

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