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A balloon payment is:
When the first payment on a loan is greater than the installments that come after it, the first installment is termed the balloon payment.
When the final payment on a loan is greater than the installments that came before it, the final installment is termed a balloon payment.
When the final payment on a loan is smaller than the installments that came before it, the final installment is termed a balloon payment.
When the first payment on a loan is smaller than the installments that come after it, the first installment is termed the balloon payment.
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