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.] Loan Type 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% Ten years into your 15-year $500,000 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 [Use 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