An amount of $350,000 is borrowed for a period of 30 years at an interest rate...
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An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan is below. Payments of $1,987.26 are made monthly Payment 1 2 3 Payment Interest Debt Payment Balance 1,987.26 1,604.17 z 1,987.26 1,602.41 1,987.26 1,600.65 383.09 384.85 386.61 V 2 Calculate the value of 2, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer. An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan is below. Payments of $1,987.26 are made monthly Payment 1 2 3 Payment Interest Debt Payment Balance 1,987.26 1,604.17 z 1,987.26 1,602.41 1,987.26 1,600.65 383.09 384.85 386.61 V 2 Calculate the value of 2, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.
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Answer rating: 100% (QA)
ased on the information provided Payment 1 interest is 100417 and red... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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