You want to take out a $179,000 mortgage (home loan). The interest rate on the loan is 4.1 %, and the loan is for 30 years. Your monthly payments are $864.93. How much will still be owed after making payments for 15 years? Round your answer to the nearest dollar.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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You want to take out a $179,000 mortgage (home loan). The interest rate
on the loan is 4.1 %, and the loan is for 30 years. Your monthly payments
are $864.93. How much will still be owed after making payments for 15
years? Round your answer to the nearest dollar.
Transcribed Image Text:You want to take out a $179,000 mortgage (home loan). The interest rate on the loan is 4.1 %, and the loan is for 30 years. Your monthly payments are $864.93. How much will still be owed after making payments for 15 years? Round your answer to the nearest dollar.
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