Question
(Determining the outstanding balance of a loan): Eight years ago you took out a $ 400,000, 20 -year mortgage with an annual interest rate of
(Determining the outstanding balance of a loan):
Eight years ago you took out a $ 400,000, 20 -year mortgage with an annual interest rate of 6 percent and monthly payments of $2,865.72. What is the outstanding balance on your current loan if you just make the 96th payment?
If you just make the 96th payment, the outstanding balance on your current loan is $_____?
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Globalization Gating And Risk Finance
Authors: Unurjargal Nyambuu, Charles S. Tapiero
1st Edition
1119252652, 978-1119252658
