The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Type Loan 30-Year 15-Year Mortgage Mortgage New Car Loan Used Car Loan Credit Cards Rate 3.03% 2.30% 9.20% 9.45% 13.99% Six years into your 15-year $400,000 mortgage begun in 2021, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? Hint the formula in the Before we go on discussion in Example 6.] (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.) $ Need Help? Read It