An apartment building owner has a mortgage balance of $2,465,000. He also owes $22,575 in...
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An apartment building owner has a mortgage balance of $2,465,000. He also owes $22,575 in back-owed property taxes (plus penalties of 10%) and a foreclosure trustee's sale has been set - so he is also 90 days behind on payments of $33,857. What % of the outstanding balance will the bank recover if the building sells for $2,499,000 at auction?
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