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Assume you have a 30-year mortgage with annual payments, an initial amount of $200,000 and a fixed rate of 5%. After you have made 4

Assume you have a 30-year mortgage with annual payments, an initial amount of $200,000 and a fixed rate of 5%. After you have made 4 payments (on time), approximately what is the remaining mortgage balance?

A. $177,000 B. $187,000 C. $167,000 D. $147,000

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