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Posted on May 19, 2024

A 2 0 - year mortgage has an annual interest rate of 5 . 5 5 percent and a loan amount of $ 2 1

20 -

year mortgage has an annual interest rate of

5.55

percent and a loan amount of $

215, 000 . (

Hint: Use the "CUMPRINC" function in Excel.

)

What is the remaining balance at the

48

th payment?

Note: Round your answer to

2

decimal places.

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