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.
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.
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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![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2a4c4c9-f064-489b-b15c-124dd0175a4e%2F5fafd36f-ea2e-4be3-b1d3-c87c73621f6a%2Fmphcwth_processed.png&w=3840&q=75)
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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