Multiple Choice
Assume you have taken out a partially amortizing loan for $1,000,000 that has a term of 7 years, but amortizes over 20 years. Calculate the balloon payment if the interest rate on this loan is 9%.
A) $8,997
B) $559,199
C) $825,679
D) $936,405
Correct Answer:
Verified
Correct Answer:
Verified
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