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A borrower obtains a mortgage from Chase. Loan amount $60,000, 30 years, interest rate 12%. They agree that the borrower will pay $500.00 every month.

A borrower obtains a mortgage from Chase. Loan amount $60,000, 30 years, interest rate 12%. They agree that the borrower will pay $500.00 every month. what will be the loan balance at maturity?

a. 408,238.45

b. 409,496.41

c. 3,904,460.55

d. 49,394.24

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