Question: Danny Developer seeks secondary financing, a $750,000 mortgage, term 25 years, interest rate is 13.5% and payments include principal and interest with level monthly payments.

Danny Developer seeks secondary financing, a $750,000 mortgage, term 25 years, interest rate is 13.5% and payments include principal and interest with level monthly payments.

What is the payment for the monthly debt service?

What is the mortgage balance at the end of 10 years?

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