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Principal owing when the mortgage comes up for renewal

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Peter and Mary are buying a house and will require a mortgage of $300,000. The posted rate is 4.80% (APR compounded semi-annually) for a 5-year term, repayable in equal monthly payments. They want to pay down the mortgage quickly, so they have agreed on a 20-year amortization. What will be the principal owing when the mortgage comes up for renewal in 5 years?

Reference no: EM133276000

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