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Suppose that you are interested in purchasing a 15 year fixed rate constant payment fully amortizing mortgage in the amount of $100,000 with payments to
Suppose that you are interested in purchasing a 15 year fixed rate constant payment fully amortizing mortgage in the amount of $100,000 with payments to be made monthly. The contract rate is 6.%. What would the loan balance be after the borrower makes monthly payments for 5 years? Round your answer to two decimal places.
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