Five years ago you took out a 15-year mortgage with


Five years ago you took out a 15-year mortgage with biweekly payments (you make a payment every two weeks) to purchase your home. The interest rate is 7% per year and the biweekly payment is $800. What is the outstanding balance on the mortgage if there are 10 full years left on it? Assume there are exactly 52 weeks in a year.

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Financial Management: Five years ago you took out a 15-year mortgage with
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