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The mills agreed to make monthly payments on a mortgage of $125,000 amortized over 25 years. Interest for the first three years was 9.5 percent

The mills agreed to make monthly payments on a mortgage of

$125,000

amortized over

years. Interest for the first three years was

9.5

percent compounded semi-annually. Determine the mortgage balance at the end of the three-year term.

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