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Exactly 3 years ago, a 10-year fully amortizing commercial loan was made for $970,000 at 8.4% interest, with payments made end of every month. Today

Exactly 3 years ago, a 10-year fully amortizing commercial loan was made for $970,000 at 8.4% interest, with payments made end of every month. Today the borrower paid $150,000 towards the principal.

A) Assume that the bank agrees for reduced monthly payments into the remaining term. What is the new mortgage amount?

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