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You need a 20-year, fixed-rate mortgage to buy a new home for $220,000. Your mortgage bank...

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Finance

You need a 20-year, fixed-rate mortgage to buy a new home for$220,000. Your mortgage bank will lend you the money at a 7 percentAPR for this 240-month loan. However, you can afford monthlypayments of only $950, so you offer to pay off any remaining loanbalance at the end of the loan in the form of a single balloonpayment. Required: How large will this balloon payment have to befor you to keep your monthly payments at $950? Multiple Choice$409,387.91 $97,466.62 $82,350.42 $393,642.22 $381,832.95***!!!please include financial calculator solution!!!**

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