A 30-year mortgage has an annual interest rate of 6 percent and a loan amount of $260,000. (Hint: Use the "CUMPRINC" function in Excel.) What is the remaining balance at the 60th payment? Note: Round your answer to 2 decimal places. Balance

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.