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You need a 20-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at a 6.1 p

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Answer #1

Using a financial calculator

PV = -240000

PMT = 800

N = 240

I/Y = 6.1/12

cpt FV, we get FV = 436372.96

Hence, a balloon payment $436372.96 is to be made

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