Remaining mortgage balance after 7 years of payments

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Reference no: EM132530958

A lender offers you a 30-year fully amortizing fixed rate mortgage for $100,000 with monthly payments at 7%. For a fee of $1,000 he offers you a "bi-weekly" mortgage payment option, where you pay 1/2 your monthly payment every 2 weeks. If you take the bi-weekly mortgage option, what is your remaining mortgage balance after 7 years of payments?

Reference no: EM132530958

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