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You plan to buy a house. The house will be financed with a $225,000, 30-year mortgage with a nominal interest rate of 9.54%. Mortgage payments
You plan to buy a house. The house will be financed with a $225,000, 30-year mortgage with a nominal interest rate of 9.54%. Mortgage payments are made at the end of each month. You expect that you will sell the house in 8 years. How much of the principal will you have repaid at the time you plan to sell the house?
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