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What will be emilio monthly payment

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Question: BALLOON PAYMENT MORTGAGES Emilio is securing a 7-yr Fannie Mae "balloon" mortgage for $280,000 to finance the purchase of his first home. The monthly payments are based on a 30-yr amortization. If the prevailing interest rate is 7.5%/year compounded monthly, what will be Emilio's monthly payment? What will be his "balloon" payment at the end of 7 yr?

Reference no: EM131556681

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