LL Inc., issues a $760,000 adjustable rate mortgage note on January 1, 2020. The initial interest rate is 6%, but will move up or down each year with the market rate. Annual December 31 installment payments are $70,000, exclusive of taxes and insurance. If LL's interest rates are 6% in 2020, 7% in 2021, 8% in 2022, and 9% in 2023, what is LL's principal balance after the December 31, 2023 payment?

Answer rating: 100% (QA)

Answer 69786071 I LL inc Mortgage schedule Year Opening Balance January 1 Interest Rate Interest A... View the full answer