CHAPTER 21

Amortization: remaining mortgage balance Answer: b. Step 1: Find the monthly mortgage payment by entering the following inputs in your calculator: N = 360; I/YR = 8/12 = 0.667; PV = -300000; FV = 0; and solve for PMT = $2,201.29. Step 2: Calculate the remaining principal balance after 5 years by using your financial calculator’s amortization ... ................
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