Assuming that he just made payment number 88, compute the payoff on Bill's loan.

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Several years ago, Bill Smith borrowed $125,000 to buy his house. He has a 15 year, monthly payment mortgage with an interest rate of 8.75 percent per annum. Bill is thinking about refinancing his house so he would like to know the payoff on his current loan. Assuming that he just made payment number 88, compute the payoff on Bill’s loan.

 

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