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    What is the principle balance on the amortized loan?

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    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?

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    Solution Summary

    The solution explains how the calculate the principal balance after some payments have been made on a amortizing loan in an attached Excel file.

    $2.19

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