Question: John and Eva are buying a condo and will require a mortgage of $824,000. The posted rate is 6.40% (APR compounded semi-annually) for a 5-year

John and Eva are buying a condo and will require a mortgage of $824,000. The posted rate is 6.40% (APR compounded semi-annually) for a 5-year term, repayable in equal monthly payments. They have chosen a 25-year amortization. What will be the principal owing when the mortgage comes up for renewal in 5 years?

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