Question
An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan
An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan is below. Payments of $1,987.26 are made monthly Payment 1 2 3 Payment Interest Debt Payment Balance 1,987.26 1,604.17 z 1,987.26 1,602.41 1,987.26 1,600.65 383.09 384.85 386.61 V 2 Calculate the value of 2, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.
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