The following table shows annual rates for various types of loans in $2021.$ Assume monthly payments and compounding periods. HINT $[$See Examples

$5$ and $7.]$

Eight years into your $15-$year $$500,000$ mortgage begun in $2021,$ you inherit your rich uncle's estate and decide to pay off the outstanding principal

on your mortgage. What is that amount? Hint $[$Use the formula in the Before we go on discussion in Example $6.]($Do not round the payment amount

to the nearest cent. Round the final outstanding principal to the nearest cent.$)$

$

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