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ABC Bank sanctions a loan application for a 25 year mortage loan for US100,000. The interest rate on the loan is 12% per annum and
ABC Bank sanctions a loan application for a 25 year mortage loan for US100,000. The interest rate on the loan is 12% per annum and the borrower is required to make equal monthly payments to repay the loan in 25 years. If the market interest rate goes down to 10% per annum, what will the loan be worth? (Answer up to two decimal places, do not enter the $ sign, only absolute numbers)
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