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Question 1 0 3 pts Given the following information on fixed - payment fully - amortizing loan, determine the remaining balance that the borrower has

Question

10

3

pts

Given the following information on fixed

-

payment fully

-

amortizing loan, determine the remaining balance that the borrower has at the end of

11

years.

Loan term:

24

Monthly Payment:

1, 023

Interest Rate:

4 %

compounded monthly

Balloon payment

/

remaining mortgage balance

(

RMB

)

11

years

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