Find the ending balance for December in the below monthly loan amortization schedule. Purchase price: $200,000 Down payment: 25% Interest rate: 4% Term: 10 years Amortization: 15 years Ending balance for the prior month (November): $123,746.22 (Note: to answer this question you do not need to know when the loan started)
Find the ending balance for December in the below monthly loan amortization schedule. Purchase price: $200,000 Down payment: 25% Interest rate: 4% Term: 10 years Amortization: 15 years Ending balance for the prior month (November): $123,746.22 (Note: to answer this question you do not need to know when the loan started)
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
Find the ending balance for December in the below monthly loan amortization schedule.
Purchase price: $200,000
Down payment: 25%
Interest rate: 4%
Term: 10 years
Amortization: 15 years
Ending balance for the prior month (November): $123,746.22
(Note: to answer this question you do not need to know when the loan started)
Group of answer choices
$123,473.10
$123,049.18
$123,246.77
$122,227.54
$122,640.03
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