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An firm borrowed $192,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 4% interest,
An firm borrowed $192,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 4% interest, compounded monthly. After 7 years, the firm wants to pay off the loan. What is the remaining balance that must be paid off? Express your answer in $ to the nearest $1,000.
Answer is 165234 to check your work
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