Question
A borrower has a 28-year mortgage loan for $330,389 with an interest rate of 5% and monthly payments. If she wants to pay off the
A borrower has a 28-year mortgage loan for $330,389 with an interest rate of 5% and monthly payments. If she wants to pay off the loan after 6 years, what would be the outstanding balance on the loan?
The correct answer is 292,500 but I do not know how to get there.
Please show how to solve with a financial calculator. Thanks!
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Dynamics Of International Finance
Authors: Ruchi Mehrotra Joshi
1st Edition
1685078389, 978-1685078386
