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For a $150.000 mortgage with an interest rate of 5.5% paid over 20 years, the monthly payment is $1,031.83. After one
month, what is the balance of the loan?
Round your answer to the nearest dollar
Do NOT round until you calculate the final answer.

Respuesta :

Answer: 149656

Step-by-step explanation:

abiolataiwo2015

The  balance of the loan is $148,968

Using this formula

Loan balance=Mortgage amount-Monthly payment

Where:

Mortgage amount=$150.000

Monthly payment=$1,031.83

Let plug in the formula

Loan balance=$150.000-$1,031.83

Loan balance=$148,968

Inconclusion The  balance of the loan is $148,968

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