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Problem 5 - 3 9 Amortizing Loan ( LO 3 ) You take out a 2 5 - year $ 1 7 0 , 0

Problem

5 - 39

Amortizing Loan

(

3)

You take out a

25 -

year $

170, 000

mortgage loan with an APR of

9 %

and monthly payments. In

12

years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?

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