Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 3. a borrower has a 30-year mortgage loan for $200

3. A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 5%...

60.1K

Verified Solution

Question

Finance

3. A borrower has a 30-year mortgage loan for $200,000 with aninterest rate of 5% and monthly payments. If she wants to pay offthe loan after 8 years, what would be the outstanding balance onthe loan?
(A) $84,886
(B) $91,246
(C) $171,706
(D) $175,545

Answer & Explanation Solved by verified expert
4.1 Ratings (854 Votes)
EMI Loan amount PVAF r nwhere r is int rate per month and    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Does an ECG tracing give us specific information about the change in membrane potential for the...

Medical Sciences
Q

Provide an essay of 200 words or more. Make sure to pay attention to the requirements!...

Psychology
Q

otope ratios show a cyclical pattern of change over tens of thousands of years What...

Biology
Q

All the statements below are correct regarding ATP ATP serves as the main energy shuttle...

Biology
Q

A fatty acid is said to be saturated if there is no double bonds between...

Biology
Q

10 Identify the measure of x 80 x e 60

Geometry
Q

Below is bivariate data on vintage dresser auctions where X is the year of construction...

Statistics
Q

1. Toronto Film School has a current ratio of 2, a quick ratio of 1.8,...

Accounting
Q

please help Sales, Production, Direct Materials Purchases, and Direct Labor Cost The budget director of...

Accounting
Q

Dobbs Corporation is considering purchasing a new delivery truck. The truck has many advantages over...

Accounting
Q

19 All of the following are normally considered liquid assets of a company except O...

Accounting
Q

Z-Mart had the following transactions for October: October 6: Purchased 650...

Accounting