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Joe purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank for his mortgage. They were offering a 6.5%

Joe purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank for his mortgage. They were offering a 6.5% for a 25-year mortgage. The principal after the first payment had a balance outstanding of:

Multiple Choice

$207,720.95

$207,722.24

None of these

$207,270.59

$207,270.95

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