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A 15-year mortgage of 250,000 with an annual effective discount rate of 5% is to be repaid by level payments at the end of each
A 15-year mortgage of 250,000 with an annual effective discount rate of 5% is to be repaid by level payments at the end of each year. If the first fourteen payments had been rounded up to the next multiple of 1,000, the final payment would be X. Calculate X
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