Question

28- You bought a house 2 years ago. To finance the​ purchase, you took out a...

28- You bought a house 2 years ago. To finance the​ purchase, you took out a mortgage for ​$775,000. The interest rate on the mortgage is 8​%

and the amortization period is 25 years. You chose to make 26

payments per year and each payment is

​$2,725.15.

Your last payment was yesterday. How much principal remains owing​ today?

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Answer #1

Hence, Loan due in today was $70,406.43

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