Sally approached Happy Lenders and arranged a $245,000 mortgage loan, enabling her to purchase a house....

 

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Sally approached Happy Lenders and arranged a $245,000 mortgage loan, enabling her to purchase a house. The mortgage allowed for additional payments of principal without penalty. The loan was written at 7.5% per annum, compounded semi-annually, with a 25-year amortization period, 15-year term, and monthly payments rounded up to the next higher dollar. Sally made a lump-sum payment of $6,000 at the end of the second year and a lump-sum payment of $11,000 at the end the eighth year. Calculate the balance due at the end of the contractual term. (1) $151,529.72 (2) $117,486.62 (3) $125,858.13 (4) $102,954.96 1014 00 Sally approached Happy Lenders and arranged a $245,000 mortgage loan, enabling her to purchase a house. The mortgage allowed for additional payments of principal without penalty. The loan was written at 7.5% per annum, compounded semi-annually, with a 25-year amortization period, 15-year term, and monthly payments rounded up to the next higher dollar. Sally made a lump-sum payment of $6,000 at the end of the second year and a lump-sum payment of $11,000 at the end the eighth year. Calculate the balance due at the end of the contractual term. (1) $151,529.72 (2) $117,486.62 (3) $125,858.13 (4) $102,954.96 1014 00

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