Question
Liz has had a mortgage with Everyday Bank for the past 3 years. The original balance of the mortgage was $300,000.00 and her original monthly
Liz has had a mortgage with Everyday Bank for the past 3 years. The original balance of the mortgage was $300,000.00 and her original monthly payment was $1,000.00. During the first year Liz made an extra payments of $12,000. At the beginning of the second year she increased her monthly payments by $200 per month and is now paying $1,200 per month. She also made an extra payment in the second year of $6,000. In the third year Liz made two extra payments to her mortgage totaling $10,000. What is the current balance of Liz's Mortgage Cash Account?
Step by Step Solution
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Step: 1
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Step: 2
Step: 3
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