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Simon purchases property worth $200,000. He pays $40,000 in cash and obtains a mortgage of $160,000....

Simon purchases property worth $200,000. He pays $40,000 in cash and obtains a mortgage of $160,000. Over the next few years, Simon makes $24,000 of interest payments on the mortgage and no payments on the principal. He then sells the property to Thomas for $300,000. Thomas assumes the mortgage and pays the remaining value in cash. How much cash did Thomas pay Simon?

Assume no depreciation deductions were taken.

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