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Consider a 30-year, $115000 fixed-rate mortgage with a nominal annual rate of 4.85 percent. All pay.ments are made at the end of each month. What

Consider a 30-year, $115000 fixed-rate mortgage with a nominal annual rate of 4.85 percent. All pay.ments are made at the end of each month.

What is the remaining balance on mortgage after 5 years ?

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