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How much will the balloon payment be

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Question - Jay would like to purchase a machine which has a life of 10 years. The machine costs $850,000, The bank will loan 80% of the cost at an interest rate of 2.75% per year compounded quarterly if Jay agrees to make a payment of $5,000 at the beginning of each month for five years and a balloon payment at the end of the machine life. How much will the balloon payment be?

Reference no: EM133160618

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