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Interest Rate= 10% It is T0 and Joe has just sold his house for $200,000 to Flo on a land

Interest Rate= 10% It is T0 and Joe has just sold his house for $200,000 to Flo on a land

Interest Rate= 10%

It is T0 and Joe has just sold his house for $200,000 to Flo on a land contract. Here are the terms of the contract:

Flo will not makeany payments in each of the years T1 —T2. She will make a payment of $25,000 in T3; $30,000 in T4; and $35,000 in T5. She will make a final “balloon” payment of $X at the end of T6 to settle up any remaining balance.

Calculate $X.

SET-UP ONLY – Type your answer.

Equate cash

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Abhinav 04-Dec-2019

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