Question

Given the following information on a 30-year fixed-payment fully amortizing loan, determine the remaining balance that the borrower has at the end of seven years: interest rate: 7%; monthly payment:_________

A) $1,200.
B) $180,369
C) $17,143
D) $164,402 $79,509

Answer 1

Answer: your question is not complete, its lacking the monthly payments. However, i guess your first option (option A) should be monthly payment since you write 2 options at D.

By using $1,200 as the monthly payment, the answer to the question is $164,402 which is your D