A borrower took out a 30-year fixed-rate mortgage of, Ask an Expert

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A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 6.2% annual rate with monthly payments. After five years, she wishes to pay off the remaining balance. Interest rates have by then fallen to 4.0%. How much must she pay to retire the mortgage (to the nearest dollar)?

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Financial Management, Finance

Category:- Financial Management
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