USING EXCEL

You apply for a 15-year, fixed-rate (APR 3.72%) monthly-payment-required mortgage loan for a house selling for $135,000 today. Your bank requires 22% initial down payment of house value (to be paid upfront in cash immediately, thus not included in the loan balance), therefore lends you the remaining 78% of house value as the loan, plus $3,000 application-process-closing cost (to be added into the beginning loan balance and amortized later).

Please Answer

(b) 7 years (i.e., 84 months, please note again that it is a monthly mortgage) after buying the house, what will be the remaining loan principal balance?