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You have just arranged for a $1,820,000 mortgage to finance the purchase of a large tract of land. The mortgage has an APR of 8.4 percent, and it calls for monthly payments over the next 20 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? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Financial Management, Finance

Category:- Financial Management
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