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Posted on Aug 05, 2024

You borrow $ 1 0 0 , 0 0 0 to purchase a house using a 3 0 - year loan with an interest rate

You borrow $

100, 000

to purchase a house using a

30 -

year loan with an interest rate of

5 %

and monthly payments. What would be the outstanding loan balance after

7

years of payments?

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