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Assume that exactly four years ago I borrowed $417,000. My loan has an interest rate of 4.25% and the term of the loan is 30
Assume that exactly four years ago I borrowed $417,000. My loan has an interest rate of 4.25% and the term of the loan is 30 years (with required payments to be made every month). If I made every required payment on time for the first 48 months of the loan, what is my current payoff on my loan (that is, immediately after making my 48th payment)? Record your answer as a dollar amount rounded to 2 decimal places, but do not include the dollar sign or any commas. For example, record $510,253.1495 3 as 510253.15.
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