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You borrow $1,500,000 to purchase a small apartment building. The lender charges you a 2% up-front fee. If the loan term is 30 years and

You borrow $1,500,000 to purchase a small apartment building. The lender charges you a 2% up-front fee. If the loan term is 30 years and the interest rate is 5%, what is the mortgage balance at the end of year 5?

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