Question: A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2 years. Payments are monthly. After the last constant

A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2 years. Payments are monthly. After the last constant payment, he has to pay $15,000 to payback the remaining loan on maturity date. What will be the amount of remaining balance at the end of the second month? (Answer is rounded)

Answers: 70020

70684

71016

70529

70305

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