What is the outstanding balance on loan after 5 years

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Problem: Assume you have been making payments of $1,000 per month. You will close on the home after making your last payment in year 5. How much will your loan payoff amount be (in other words, what is the outstanding balance on your loan after 5 years)? Round to the nearest whole dollar. Please describe your solutions.

Reference no: EM132422045

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