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The mortgage on your house is five years old. It required monthly payments of $ 1 4 0 2 , had an original term of
The mortgage on your house is five years old. It required monthly payments of $ had an original term of years, and had an interest rate of APR During the past five years, interest rates have fallen and so you have decided to refinancethat is you will roll over the outstanding balance into a new mortgage. The new mortgage has a year term, requires monthly payments, and has an interest rate of APRa What is your outstanding balance of the mortgage?
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