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OpenStudy (anonymous):
Joe Jay purchases a new colonial home for $260,000 putting down 20 percent. He decided to use Loyal Bank for his mortgage. They were offering. 6 1/2 % for 25 year mortgage. The principal after the 1st payment had a balance outstanding of: a)$207,270.95 b)$207,720.59 c)$207,720.95 d)$207,270.59 e)None of these
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