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What is the mortgage balance in 8 years time

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You take a mortgage of $200,000. The terms of the mortgage are as follows. Twenty year mortgage, repaid in equal annual installments, the first installment to be paid one year from now. The mortgage rate is an effective annual rate of 15%. What is the mortgage balance in 8 years time, just after the 8th payment?

Reference no: EM132966667

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