Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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An amount of $290, 000 is borrowed for a period of 25 years at an interest rate of 4%. The amortization schedule for this
loan is below. Payments of $1,530.73 are made monthly.
Payment # Payment
Interest
1
1,530.73
966.67
2
1,530.73
964.79
3
1,530.73 962.90
4
5
Debt Payment
564.06
565.94
567.83
Balance
289, 435.94
288, 870.00
288, 302.17
X
Calculate x,the balance on the loan at the end of month 4. Give your answer to the nearest dollar. Do not include commas
or the dollar sign in your answer.
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Transcribed Image Text:Question An amount of $290, 000 is borrowed for a period of 25 years at an interest rate of 4%. The amortization schedule for this loan is below. Payments of $1,530.73 are made monthly. Payment # Payment Interest 1 1,530.73 966.67 2 1,530.73 964.79 3 1,530.73 962.90 4 5 Debt Payment 564.06 565.94 567.83 Balance 289, 435.94 288, 870.00 288, 302.17 X Calculate x,the balance on the loan at the end of month 4. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.
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