Jerry and Faith Hudson recently obtained a 30-year (360-month), $200,000 mortgage with a 12 percent annual interest rate. They are going to pay it in equal monthly installments with the payments at the end of each month. What will be the remaining balance on the mortgage after the first month?

Answer rating: 100% (QA)

To calculate the remaining balance on a mortgage after the first month you can use the loan amortiza... View the full answer