Must show financial calculator steps. Do not use the formula method. A person buys a townhouse for
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Must show financial calculator steps. Do not use the formula method. A person buys a townhouse for $350,000. She makes a 20% down payment with the balance financed by a mortgage at a Bank. The mortgage bears a stated rate of interest of 6.5% per annum, compounded semi-annually, has a 3-year term, and is repayable over 15 years. Payments are made monthly and rounded up to the next higher dollar.
In the following excerpts from an amortization schedule, which line represents the outstanding balance for the mortgage at the end of 6 months?
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