Explore BrainMass

Explore BrainMass

    Finance/Accounting Problem - Amortizing Loan

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    You take out a 30-year $100,000 mortgage loan with an APR of 6 percent and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?

    © BrainMass Inc. brainmass.com June 3, 2020, 8:12 pm ad1c9bdddf
    https://brainmass.com/business/finance/finance-accounting-problem-amortizing-loan-127833

    Solution Preview

    After 12 years of monthly payments at an APR of 6%, there would be a balance remaining on the loan of ...

    $2.19

    ADVERTISEMENT