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Consider a mortgage with the following characteristics: Original balance: $200,000. Note rate: 7.4%. Term: 30 years Suppose this is an adjusted-rate mortgage. Assume the note
Consider a mortgage with the following characteristics: Original balance: $200,000. Note rate: 7.4%. Term: 30 years Suppose this is an adjusted-rate mortgage. Assume the note rate resets to 8.58% in 9 months. What is the remaining balance at the end of 15 months? i.e., after 15 months from the issuance date. Round your answer to a dollar unit. e.g. if your answer is 8932.94, write down 8933.
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