You borrow $850616.63 to buy a house. the mortgage rate is 11.82% apr and the loan period is 29 years. Payments are made monthly. What is the balance on the loan in month 4? Assume no prepayments and that you otherwise pay for her house according to the loan agreement?

Answer rating: 100% (QA)

To calculate the balance on the loan in month 4 we need to use the loan balance formula for an amort... View the full answer