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OpenStudy (anonymous):
A store owner used a balloon mortgage to purchase an investment property. The terms are shown: Balloon Mortgage $800,000 20/6 balloon 3.6% annual rate Monthly Payment: $4,680.89 Balloon Payment: $618,846.58 What is the total cost of this balloon mortgage rounded to the nearest dollar? $1,123,414 $618,847 $623,527 $955,871
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