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Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 5.3%, compounded monthly; mortgage payments would

Suppose that you are considering a conventional, fixed-rate 30-year mortgage loan for $100,000. The lender quotes an APR of 5.3%, compounded monthly; mortgage payments would be monthly, beginning one month after the closing on your home purchase.

After 8 years of payments, what is the balance outstanding on your loan?

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