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Calculation of balloon payment for a term loan

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In March, the Cross National Bank agreed ton?nance the purchase of a new building for Harris Tweed '5 men's wear shop. The loan is for $300,000 and will carry a 12 percent annual rate of interest with annual compounding. The loan will require that Harris
make four annual installments of $60,000 at the end of years 1 through 4. In year 5, Harris must make a large balloon payment which will fully retire the outstanding loan balance.

Question 1: What is the ?fth-year balloon payment? Calculation of balloon payment for a term loan

Reference no: EM132539479

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