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Derek borrows $323,573.00 to buy a house. He has a 30-year mortgage with a rate of...

Derek borrows $323,573.00 to buy a house. He has a 30-year mortgage with a rate of 4.70%. After making 96.00 payments, how much does he owe on the mortgage?


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Answer #1

Amount owed by Derek after 96 monthly payments (Present value of remaining payments)= $275,805.49 as follows:

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