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The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount...

The maturity of the balloon loan is 5 years, amortization period is 30 years, loan amount is $85,000 with annual interest rate 4.5% and monthly payments.

  1. What is the monthly payment for this balloon mortgage?
  2. What is the balloon payment at the end of five years for this balloon mortgage?

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Expert Solution

NO INTERMEDIATE ROUNDING IS DONE. IF WE DO, ANSWER WILL CHANGE. IF ANY CHANGE NEEDED, LET ME KNOW. THANK YOU

jeff jeffy answered 6 months ago
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