A fully amortizing mortgage loan is made for $100,000 for 15 years. The interest rate is 6 percent per year compounding monthly. Payments are to be made monthly. What is the loan outstanding after one monthly payment? (Round to a dollar) $89,692 $89,380 $99,656 $89,691 $79,725
A fully amortizing mortgage loan is made for $100,000 for 15 years. The interest rate is 6 percent per year compounding monthly. Payments are to be made monthly. What is the loan outstanding after one monthly payment? (Round to a dollar) $89,692 $89,380 $99,656 $89,691 $79,725
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
Related questions
Question
![A fully amortizing mortgage loan is made for $100,000 for 15 years. The interest rate is 6 percent per year
compounding monthly. Payments are to be made monthly. What is the loan outstanding after one monthly
payment? (Round to a dollar)
$89,692
$89,380
$99,656
$89,691
$79,725](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa38ba7f3-7c3f-4ea6-9a32-5968061a8a49%2Fd483bf53-b0d0-4ebc-8d86-ec1eec9bd50d%2Fchwg8d_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A fully amortizing mortgage loan is made for $100,000 for 15 years. The interest rate is 6 percent per year
compounding monthly. Payments are to be made monthly. What is the loan outstanding after one monthly
payment? (Round to a dollar)
$89,692
$89,380
$99,656
$89,691
$79,725
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