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07.12.2021 •
Mathematics
The Bartolotti family took out a loan to have a garage built next to their house. The ten-year, 10.4% loan was for $56,188. The monthly payment was $475, but the promissory note stated that there was a balloon payment at the end. What is the sum of all but the last monthly payment? If the finance charge is $34,415.60, what must the total of all of the monthly payments be? What is the amount of the balloon payment for the final month of this loan?
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19/100
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