Suppose you take out a 20-year accrual loan for $2,400,000 with a pay rate of...
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Suppose you take out a 20-year accrual loan for $2,400,000 with a pay rate of 6% and an accrual rate of 9%. The loan has no points, no prepayment penalties, and monthly payments. What will be the mortgage balance after year 7?
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