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4. Compute the balance, at 9 1/4 years, on a $155,000, 7.75%, 30 year mortgage. 5. You need a loan of $135,000, but want to

4. Compute the balance, at 9 1/4 years, on a $155,000, 7.75%, 30 year mortgage.

5. You need a loan of $135,000, but want to pay it off as soon as possible. For a 6.25% rate, and 30 year term, what will your required monthly payment be? If you choose to pay $1750 per month on this loan, how fast will you be able to pay if off?

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