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10) Jeff Joy purchases a new split level home for $280,000 putting down 20 percent. He decided to use Victory Bank for his mortgage. They

10) Jeff Joy purchases a new split level home for $280,000 putting down 20 percent. He decided to use Victory Bank for his mortgage. They were offering 13 3/4 for 25 year mortgages. The principal after the 1st payment had a balance outstanding of

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