Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you bought a house 4 years ago. to finance the pur

You bought a house 4 years ago. To finance the purchase, you took out a...

70.2K

Verified Solution

Question

Finance

image

You bought a house 4 years ago. To finance the purchase, you took out a mortgage for $725,000. The interest rate on the mortgage is 4.5% and the amortization period is 20 years. You chose to make 26 payments per year and each payment is $2,107.33. Your last payment was yesterday. How much principal remains owing today? The principal that remains owing today is $. (Round to the nearest cent as needed.)

Answer & Explanation Solved by verified expert
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