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  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%...

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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
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