RL Enterprises issues a $600,000 adjustable rate mortgage note on January 1, 2020. The initial interest rate
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RL Enterprises issues a $600,000 adjustable rate mortgage note on January 1, 2020. The initial interest rate is 7%, but will move up or down each year with the market rate. Annual December 31 installment payments are $75,000, exclusive of taxes and insurance. If RL's interest rates are 7% in 2020, 6.5% in 2021, 7% in 2022, and 8% in 2023, what is RL's principal balance after the December 31, 2023 payment?
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