Multiple Choice
Assume you have taken out a partially amortizing loan for $325,000 that has a term of 7 years, but amortizes over 30 years. Calculate the balloon payment at maturity (Year 7) if the interest rate on this loan is 4.5%.
A) $1,646.73
B) $118,468.21
C) $282,835.42
D) $324,572.02
Correct Answer:
Verified
Correct Answer:
Verified
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