You have just arranged for a $1,800,170 mortgage to finance the purchase of a large tract of land. The mortgage has a 9.5% APR (semiannual), and it calls for monthly payments over the next 30 years. However, the loan has an eight-year balloon payment, meaning that the loan must be paid off then. How big will the balloon payment be? (Round off EMR to 4 decimal places. Round the final answer to 2 decimal places. Omit $ sign in your response.) Balloon payment

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.