7. The remaining loan balance, B, of a fixed payment years mortgage after x years is given...
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7. The remaining loan balance, B, of a fixed payment years mortgage after x years is given by: B= (1+21 where L is the loan amount, and r is the annual interest rate. Calculate the balance of a 30-year, $100,000 mortgage, with annual interest rate of 6% (use 0.06 in the equation) after 0, 5, 10, 15, 20, 25, and 30 years. Create a seven-element vector for x and use element-by-element operations. Display the results in a two-row table where the values of years and balance are dis- played in the first and second rows, respectively.
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