What will he still owe when the 5-year term is over

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Rob wants to buy a $700,000 loft. He intends to put a $250,000 down-payment and take a 30-year amortized mortgage on the rest. He will choose a 5-year fixed term with monthly payments. The current rate is 3% compounded quarterly. What will he still owe when the 5-year term is over?

Reference no: EM132577117

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