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March 29, 2015

Homework Help: Math

Posted by Sara on Tuesday, May 15, 2012 at 4:25pm.

Sarah secured a bank loan of $200,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 yr, with interest rate of 6%/year compounded monthly on the unpaid balance. She plans to sell her house in 5 yr. How much will Sarah still owe on her house?

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