The mortgage on your house is five years old. It required monthly payments of $1402, had an original term of 30 years, and had an interest rate of 10 % (APR). During the past five years, interest rates have fallen and so you have decided to refinance that is, you will roll over the outstanding balance into a new mortgage. The new mortgage has a 30-year term, requires monthly payments, and has an interest rate of 6.625 % (APR). What is your outstanding balance of the mortgage?

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