You took out a fully amortizing 30 year mortgage with the initial balance of $6767. This mortgage has a fixed interest rate at 3%. After you completed five full years of monthly payments (60 monthly payments have passed), what is the remaining balance on your mortgage? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
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You took out a fully amortizing 30 year mortgage with the initial balance of $6767. This mortgage has a fixed interest rate at 3%. After you completed five full years of monthly payments (60 monthly payments have
passed), what is the remaining balance on your mortgage? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
Transcribed Image Text:You took out a fully amortizing 30 year mortgage with the initial balance of $6767. This mortgage has a fixed interest rate at 3%. After you completed five full years of monthly payments (60 monthly payments have passed), what is the remaining balance on your mortgage? Round your answer to the nearest cent (e.g. if your answer is $7000.9873, enter 7000.99).
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