A couple purchases a house for $400,000. They pay 20% down at closing, and take out a mortgage of $320,000. The mortgage company offers them a 4.80%…

A couple purchases a house for $400,000.00. They pay 20% down at closing, and take out a mortgage of $320,000.00. The mortgage company offers them a 4.80% annual rate with monthly compounding. The mortgage will require monthly payments for the next 30 years. What will be the balance remaining on this mortgage after five years?
 
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