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What is the current mortgage balance

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Problem - Jack bought a house eight (8) years ago. He received a mortgage of $300,000 and his payments have been made monthly. His annual stated interest rate was 4.90% and the loan had an original maturity of 30 years. Now with only 22 years remaining on the mortgage, what is the current mortgage balance?

1) $251,855.50

2) $254,451.14

3) $255,100.33

4) $256,949.37

5) $258,301.58

Reference no: EM132462799

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