Question: A Navy pilot has a 2 5 - year mortgage at an annual interest rate of 4 . 8 7 5 % . After making

A Navy pilot has a 25-year mortgage at an annual interest rate of 4.875%. After making payments of $2,453.65 for 4 years, the pilot would like to pay off the loan so as to purchase a new home. Calculate the loan payoff (in dollars).(See Example 8 in this section. Round your answer to the nearest cent.)

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