Question: Consider a 3 0 - year, fixed - rate mortgage for $ 1 2 0 , 0 0 0 at a nominal annual rate of

Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal annual rate of 5.7%. If the borrower wants to pay off the remaining balance on the mortgage after making the 36th payment, what is the remaining balance on the mortgage (round to the nearest dollar)?

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