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The Smith's are buying a home for $270,000 by making a 15% down payment and taking out a mortgage for the remaining balance. They are
The Smith's are buying a home for $270,000 by making a 15% down payment and taking out a mortgage for the remaining balance. They are able to secure an interest rate of 2.5% compounded monthly for a 15 year loan, which makes their monthly payment $1,530. Determine their ending balance after making 1 payment. Hint: Make the first line of an amortization table.
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