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24 months ago you purchased a one-bedroom apartment on Park Avenue. The purchase was financed...

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Finance

24 months ago you purchased a one-bedroom apartment on Park Avenue. The purchase was financed with a 80.0% loan-to-value mortgage by HSBC. Your monthly mortgage payments are $5,000; the mortgage is fully amortizing with a term of 30-years; and your nominal annual interest rate is 4.50%.

What was the original loan balance at the time you purchased your apartment 24 months ago?

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