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You have just arranged for a $1,800,110 mortgage to finance the purchase of a large...

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Finance

You have just arranged for a $1,800,110 mortgage to finance the purchase of a large tract of land. The mortgage has a 8.9% 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? (Round off EMR to 4 decimal places. Round the final answer to 2 decimal places. Omit $ sign in your response.) Balloon payment $
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You have just arranged for a \\( \\$ 1,800,110 \\) mortgage to finance the purchase of a large tract of land. The mortgage has a \8.9 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? (Round off EMR to 4 decimal ploces. Round the finol answer to 2 decimal ploces. Omit \\$ sign in your response.) Bolloon poyment

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