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A 30 year fixed rate mortgage has an interest rate of 5% per year compounded monthly. The initial principal is $250.00 and the monthly payment

A 30 year fixed rate mortgage has an interest rate of 5% per year compounded monthly. The initial principal is $250.00 and the monthly payment is $1,342.05. The payment at EOM 222 includes $589.11 of interest. How much principal was owed at EOM 221 ?

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