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A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After ten years, she wishes to pay off the
A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After ten years, she wishes to pay off the remaining balance. By then, interest rates have fallen to 7 percent. How much does she have to pay to retire the mortgage (to the nearest dollar)?
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