A borrower and a lender agree on a $280,000 loan at 7 percent interest. An amortization schedule of 25 years has been ag

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answerhappygod
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A borrower and a lender agree on a $280,000 loan at 7 percent interest. An amortization schedule of 25 years has been ag

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A borrower and a lender agree on a $280,000 loan at 7 percentinterest. An amortization schedule of 25 years has been agreed on;however, the lender has the option to “call” the loan after fiveyears.
Required:
If called, how much will have to be paid by the borrower at theend of five years? (Do not round intermediatecalculations. Round your final answer to 2 decimalplaces.)
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