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PRINCIPAL $850,000 MONTHLY PAYMENT $268,150.18 RATE:10% Life of the loan: 4 years Required: Calculate the balance on the principal balance on the loan after 2

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PRINCIPAL $850,000 MONTHLY PAYMENT \$268,150.18 RATE:10\% Life of the loan: 4 years Required: Calculate the balance on the principal balance on the loan after 2 years. (6 marks) a. $243,772.89 b. $201.465.20 c. $221,611.72 d. $188,150.63

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