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To help pay for your new house you have approached the bank for a 25-year, $95,000 mortgage. The bank quotes you a rate of 6.6365%
To help pay for your new house you have approached the bank for a 25-year, $95,000 mortgage. The bank quotes you a rate of 6.6365% per year (they dont tell you, but you know that this rate is stated annually but compounds monthly). Immediately after you have made the payment at the end of the fifteenth year, what is the amount of principal remaining to be paid on the mortgage?
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