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Given the following information on two fixed-rate fully amortized mortgages and consider the refinancing decision of the old loan at the end of Year 10.
Given the following information on two fixed-rate fully amortized mortgages and consider the refinancing decision of the old loan at the end of Year 10. What is the unpaid principal balance of the old loan at the end of Year 10? (choose the closest answer) 3.0 million 3.4 million 3.8 million 4.0 million
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