Question: The interest rate for the first five years of a $90,000 mortgage loan is 7.25% compounded semiannually. Monthly payments are calculated using a 20-year

The interest rate for the first five years of a $90,000 mortgage

The interest rate for the first five years of a $90,000 mortgage loan is 7.25% compounded semiannually. Monthly payments are calculated using a 20-year amortization. What will be the principal balance at the end of the five-year term? (Round your answer to 2 decimal places.)

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