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Explain principal balance amount on the mortgage

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Reference no: EM132953095

Jenny and Jimmy Carson closed a loan on July 1 for $57,200. The loan was amortized over 25 years with monthly payments of $666.75. The interest rate is 13.5% and interest is payable in arrears. On August 1, what would be the principal balance amount on the mortgage?

Reference no: EM132953095

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