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 $2,500,000 at a 6.2 percent annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have by then fallen to 5.7 percent. How much interest did he pay over 5 years of the mortgage (to the nearest dollar)?

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Financial Management, Finance

Category:- Financial Management
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