Question: For a $ 1 5 0 , 0 0 0 mortgage, with an interest rate of 5 . 5 % paid over 2 0 years,

For a
$
150
,
000
mortgage, with an interest rate of
5.5
%
paid over
20
years, the monthly payment is
$
1
,
031.83
. After one month, what is the balance of the loan?

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