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Business, 18.10.2019 22:00 mrnotsosmart744

You need a 30-year, fixed-rate mortgage to buy a new home for $305,000. your mortgage bank will lend you the money at a 6.00 percent apr for this 360-month loan. however, you can afford monthly payments of only $1,450, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment.

how large will this balloon payment have to be for you to keep your monthly payments at $1,450?

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