Question
On March 20th , 2007 Janet and Dennis obtained a $185,000, 25-year home loan at 5.95% interest compounded monthly. Their first payment was due on
On March 20th , 2007 Janet and Dennis obtained a $185,000, 25-year home loan at 5.95% interest compounded monthly. Their first payment was due on April 20th , 2007. If their monthly payment is $1190 and their balance on December 20th , 2013 is $157,897.72, answer the following:
a. What is the balance of the loan on December 20th , 2014?
b. How much interest will be paid on the loan during 2014?
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
7th Edition
1265521972, 978-1265521974
