Question: Given the following information on a 30-year fixed-payment fully amortizing loan, determine the remaining balance that the borrower has at the end of seven years:

Given the following information on a 30-year fixed-payment fully amortizing loan, determine the remaining balance that the borrower has at the end of seven years: interest rate: 6%; monthly payment: $1,300. a) $17,143 b) $88,989 c) $216,829 d) $194,364

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