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I need to understand how to reach this answer with steps please. 4. Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25
I need to understand how to reach this answer with steps please. 4. Amir has obtained a $250,000 mortgage. The mortgage is amortized over 25 years and the term of the mortgage is 25 years. The mortgage interest rate is 9% compounded annually. Amir will begin making annual payments of $25,451.56 at the end of the year. What is the (approximate) principal outstanding immediately after Amir makes his second payment? . A) $150,903.12 B) $173,645.32 C) $185,574.60 D) $243,831.24
I need to understand how to reach this answer with steps please.
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