Question: Answer correct with all steps and without excel!! A borrower took out a 30-year fixed-rate mortgage of $2.25 million at 7.2 percent annual rate. Affer

Answer correct with all steps and without excel!!

Answer correct with all steps and without excel!! A borrower took out

A borrower took out a 30-year fixed-rate mortgage of $2.25 million at 7.2 percent annual rate. Affer five years. he wishes to pay off the remaining balance. Interest rates have by then fallen to 6.7 percent. How much must he pay to retire the mortgage (to the nearest dollar)

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