A homebuyer is taking out a mortgage with a balloon payment, Ask an Expert

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A homebuyer is taking out a mortgage with a balloon payment. The loan amount is $100,000 and the annual interest rate is 5%. The homebuyer will make equal monthly payments for 5 years except the last payment will include an additional payment of $20,000. How much will the equal monthly payments be? Show your work.

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Financial Management, Finance

Category:- Financial Management
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