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How much must he pay to retire the mortgage

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Reference no: EM13284217

A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2% annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have by then fallen to 7%. How much must he pay to retire the mortgage (to the nearest dollar)?

Reference no: EM13284217

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