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Mr. and Mrs. Singh sign a mortgage for $248,000.00 at 8% c.s.a. amortization period 25 years, term 3 years, monthly payments. At the end of

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Mr. and Mrs. Singh sign a mortgage for $248,000.00 at 8% c.s.a. amortization period 25 years, term 3 years, monthly payments. At the end of the 3 year term, the mortgage is renewed at 7% c.s.a., amortization period 22 years, term 2 years, monthly payments. Find the balance at the end of the 2 year term

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