Let's assume you took out a $300,000, 30-year mortgage with an annual interest rate of 8% and monthly payments of $2,201.29. Because you hav made 15 years worth of payments (that's 180 monthly payments = [15 x 12]) there are another 180 monthly payments left before your mortgage will be totally paid off. How much do you still owe on your mortgage?
Let's assume you took out a $300,000, 30-year mortgage with an annual interest rate of 8% and monthly payments of $2,201.29. Because you hav made 15 years worth of payments (that's 180 monthly payments = [15 x 12]) there are another 180 monthly payments left before your mortgage will be totally paid off. How much do you still owe on your mortgage?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Let's assume you took out a $300,000, 30-year mortgage with an annual
you have
interest rate of 8% and monthly payments of $2,201.29. Because
made 15 years worth of payments (that's 180 monthly payments = [15 x
12]) there are another 180 monthly payments left before your mortgage
will be totally paid off. How much do you still owe on your mortgage?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a788908-260f-4b4e-b194-bf1c6edccc88%2F24b88c3a-f775-4af8-b90f-68d40127fd8e%2Ft1fkk3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Let's assume you took out a $300,000, 30-year mortgage with an annual
you have
interest rate of 8% and monthly payments of $2,201.29. Because
made 15 years worth of payments (that's 180 monthly payments = [15 x
12]) there are another 180 monthly payments left before your mortgage
will be totally paid off. How much do you still owe on your mortgage?
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