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You have a 25-year $400,000 mortgage with a 3.5% rate of interest (compounded monthly) that you make monthly payments on. What is the balance of

You have a 25-year $400,000 mortgage with a 3.5% rate of interest (compounded monthly) that you make monthly payments on. What is the balance of the loan at the end of year 15?

Multiple Choice

  • $206,506
  • $210,506
  • $202,506
  • $208,506
  • $204,506

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