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VEDTUNCI A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After five years, he wishes to pay off

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VEDTUNCI A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have by then fallen to 7 percent. How much must he pay to retire the mortgage (to the nearest dollar)? Show clearly all work, carrying all calculations out to four (4) decimal places. Highlight in bold your answer. T T Arial 3 (12pt) E- i Words:0 Path:p

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