A $150,000 home is financed by a 30-year, 9 percent fixed-rate mortgage loan with 20 percent down payment. What is the remaining balance of the loan at the end of the 10th year? Group of answer choices $106,624.72 $107,315.70 $119,321.96 $119,934.45
A $150,000 home is financed by a 30-year, 9 percent fixed-rate mortgage loan with 20 percent down payment. What is the remaining balance of the loan at the end of the 10th year? Group of answer choices $106,624.72 $107,315.70 $119,321.96 $119,934.45
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 21P
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
A $150,000 home is financed by a 30-year, 9 percent fixed-rate mortgage loan with 20 percent down payment.
What is the remaining balance of the loan at the end of the 10th year?
Group of answer choices
$106,624.72
$107,315.70
$119,321.96
$119,934.45
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