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Question Jim takes out a mortgage for 3 0 years at an interest rate of 2 . 4 9 % and his monthly repayments are

Question

Jim takes out a mortgage for

30

years at an interest rate of

2.49 %

and his monthly repayments are $

986.50 .

What is the principal loan amount?

Round your answer to the nearest ten thousand dollars.

Do NOT round until you have calculated the final answer.

Provide your answer below:

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