Anne reviews the status of her home mortgage schedule date 2019-03-01 2019-03-31 2019-03-31 item outstanding mortgage loan balance balance mont $500,000 total required monthly payment $8,000 Interest component of monthly $3,500
Anne reviews the status of her home mortgage schedule date 2019-03-01 2019-03-31 2019-03-31 item outstanding mortgage loan balance balance mont $500,000 total required monthly payment $8,000 Interest component of monthly $3,500
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
7
Transcribed Image Text:Anne reviews the status of her home mortgage schedule for the month of March 2019:
date
2019-03-01
2019-03-31
2019-03-31
item
483,500
outstanding mortgage loan
balance
balance
$500,000
total required monthly payment $8,000
Interest component of monthly
payment
$3,500
On 2019-03-31, Anne makes a payment of $20,000 rather than the required amount. What will be
her outstanding mortgage loan balance immediately after the payment is made?
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