10. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year Type Mortgage Mortgage 15-Year New Car Loan Used Car Loan Credit Cards Rate 3.03% 2.30% 9.20% 9.45% 13.99% Six years into your 15-year $600,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint [Use the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.) $ Need Help? Read It