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You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments.

You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 10 percent, what is your approximate payoff balance after 24 payments (after making 24 monthly payments)?

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