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Mary took a $ 2 0 0 , 0 0 0 mortgage from Bank ABC. The mortgage is offered at 3 % APR with monthly

Mary took a $

200, 000

mortgage from Bank ABC. The mortgage is offered at

3 %

APR with monthly compounding for

20

years. The mortgage can be refinanced after

5

years. What is the balance remaining on the mortgage after

5

years?

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