Question
Ten years ago you borrowed $208000. The term of the loan was 16 years and required monthly payments of $2441.35. The interest rate on the
Ten years ago you borrowed $208000. The term of the loan was 16 years and required monthly payments of $2441.35. The interest rate on the loan was 12 percent compounded monthly. You have just made the 96th payment. What is the principal outstanding?
a $138691.82
b $104000.00
c $150210.66
d $125175.76
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
