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Billy is borrowing $250,000 for 15 years at an APR of 8.5 percent. The loan...

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Finance

Billy is borrowing $250,000 for 15 years at an APR of 8.5 percent. The loan will be repaid in equal annual payments at the end of each year. The loan would be fully paid off at the end of the term. What is the total loan balance in year 3 of this loan?

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