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Olivia plans to secure a 5-year balloon mortgage of $270,000 toward the purchase of a condominium....

Olivia plans to secure a 5-year balloon mortgage of $270,000 toward the purchase of a condominium. Her monthly payment for the 5 years is calculated on the basis of a 30-year conventional mortgage at the rate of 5%/year compounded monthly. At the end of the 5 years, Olivia is required to pay the balance owed (the "balloon" payment). What will be her monthly payment for the first 5 years, and what will be her balloon payment? (Round your answers to the nearest cent.)

monthly payment     $
balloon payment     $
Math   Precalculus   
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