Examine the loan amortization table for a $210,000, 15-year mortgage with an APR of 3.8%. The borrower
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Examine the loan amortization table for a $210,000, 15-year mortgage with an APR of 3.8%. The borrower paid an extra $100 each month toward the principal. Determine the missing amounts.
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Payment Beginning Monthly Extra Towards Towards Ending Balance Payment Payment Interest Principal Balance Number 1 $210,000.00 a. $100.00 $665.00 $967.38 $209,032.62 2 b. a. $100.00 $661.94 $970.44 3 $208,062.18 a. $100.00 d. $973.52 4 $207,088.66 a. $100.00 $655.78 5 $206,112.05 a. $100.00 $652.69 сл e. $979.69 C. $207,088.66 $206,112.05 $205,132.36
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ANSWER Using the loan amortization table for a 210000 15year mortgage with an APR of 38 and assuming ...View the full answer
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Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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