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Compute the payoff on john loan

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Reference no: EM131693352

Need to know the correct steps, not just the answer. John Deer borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. John is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 68 , compute the payoff on John's loan. (Round your answer to 2 decimal places).

Reference no: EM131693352

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