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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 $1402, had an original term of 30 years, and had an interest rate of 10%(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 30-year term, requires monthly payments, and has an interest rate of 6.625%(APR).
What is your outstanding balance of the mortgage?

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