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NEED HELP ASAP PLEASE You are going to borrow $101,000 to fund the start of your...

NEED HELP ASAP PLEASE

You are going to borrow $101,000 to fund the start of your new restaurant. The bank wants to be repaid with a balloon payment in 3 years. They will charge 8% interest. How much will your payment​ be? The balloon payment will be ​. ​(Round to the nearest​ cent.)

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Answer #1

FV = PV * (1 + r)n

= $101,000 * (1 + 0.08)3

= $101,000 * 1.2597

= $127,230.91

So, the balloon payment will be $127,230.91

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