Question: Mary took a $ 2 0 0 , 0 0 0 mortgage from Bank ABC. The mortgage is offered at 3 % APR with monthly

Mary took a $200,000 mortgage from Bank ABC. The mortgage is offered at 3% APR with monthly compounding for 20 years. The mortgage can be refinanced after 5 years. What is the balance remaining on the mortgage after 5 years?

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