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1. Mr. Smith bought an apartment house with $60,000 cash and a fixed-rate fully-amortizing constant payment mortgage (CPM) of $100,000.  The loan was made at an interest rate of 10 percent and requires monthly payments for 25 years.

1. Complete the following amortization schedule with given information.                                                                                                                              (3 points)

What would be the outstanding balance after 10 years?