A homeowner has five years of monthly payments of $1,100 before she has paid off her house. If the interest rate is6% APR, what is the remaining balance on her loan?.....A. $79,657B. $45,518C. $68,278D. $56,898

Monthly payment = $1,100 Interest Rate = 6% Time Period = 5 Years

Answered: A homeowner has five years of monthly…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A homeowner has five years of monthly payments of $1,100 before she has paid off her house. If the interest rate is 6% APR, what is the remaining balance on her loan? ..... A. $79,657 B. $45,518 C. $68,278 D. $56,898