I need solution fast please 12. Exactly six years ago, Xen borrowed $418,000 to buy a house. The fixed annual interest rate on the 30-year loan is 6.75% p.a. The loan requires monthly payments, the first payment was made exactly onemonth after Xen bought the house, and Xen has made every payment for the past six years on time.Because interest rates have recently decreased, Xen is considering refinancing the loan. Assuming thatXen just made the 84 payment on the loan, what is the remaining balance on the loan (i.e., the amountthat Xen would need to refinance to completely pay off the current loan)?a.$295,236.60b. $379,491.64c. $371,367.55d. $366,147.84e. $291,783.29

The objective of the question is to find out the remaining balance on the loan after Xen has made 84…

Answered: 12. Exactly six years ago, Xen borrowed…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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