Question
The Monroes have a 30 Year fixed Mortgage at 5.25%. As of December 31, 2021 the balance on their mortgage was $139,937.00. They paid $10,267
The Monroes have a 30 Year fixed Mortgage at 5.25%. As of December 31, 2021 the balance on their mortgage was $139,937.00. They paid $10,267 per year toward their mortgage in principal and interest, $2,657 in property taxes, and $1,739 and homeowners insurance.
Assuming the Monroes have always made their mortgage payments exactly as agreed, how much was their original mortgage?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
