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Qiana Duhonhas a 30-year mortgage of $463,000.00 after making a down payment. They are told by the bank they will have a monthly payment of
Qiana Duhonhas a 30-year mortgage of $463,000.00 after making a down payment. They are told by the bank they will have a monthly payment of $2,485.48 given their interest rate of 5.00% per year. What will be the remaining balance of the mortgage after 21 years? (Assume monthly payments and a full year).
a. $215,804.91
b. $2,424,613.82
c. $185,496.23
d. $1,201,121.05
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