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You are taking out a 30-year mortgage with an annual interest rate of 7.23% to buy your home. The required monthly mortgage payment of $1,425.

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You are taking out a 30-year mortgage with an annual interest rate of 7.23% to buy your home. The required monthly mortgage payment of $1,425. What is the initial mortgage balance (i.e., how much are you borrowing)? Round to the nearest $1, drop the \$ sign

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