You take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years, you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? Note: Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places. Principal balance on the loan

You take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years, you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? Note: Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places. Principal balance on the loan

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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