You take out a 30-year mortgage (360 months) with a face value of $200,000 and a stated annual rate of 6.0 percent. As you can calculate, your required monthly payment is $1,199.10. However, with each payment, you send your lender an extra $250.00, which directly reduces the mortgage balance each month. 

What is the mortgage balance after 36 months?

Answer rating: 100% (QA)

To calculate the mortgage balance after 36 months we need to use the formula f... View the full answer