Xavier's Eatery signs a $500,000 mortgage, amortized over 20 years, 4 year term, 8% c.m....
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Xavier's Eatery signs a $500,000 mortgage, amortized over 20 years, 4 year term, 8% c.m. Just after the 36th payment the mortgage goes into default. The building which was held as collateral is repossessed and sold for $490,000. Legal costs were $15,000 and realtor's commission was $30,000. Four months after the last payment repossession proceedings are finalized.
a) Find the mortgage balance just after it goes into default.
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