Narrative 14-1
For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, when necessary.
-Refer to Narrative in your text 14-1. Amber takes out a $72,000 mortgage at $7 \frac { 1 } { 2 } \%$ for 25 years. Prepare an amortization schedule for the first 3 months. Find the loan balance after 3 payments.

Question

Quizplus · Accepted Answer

To calculate the loan balance after 3 payments, you would typically use the loan amortization formula or a mortgage calculator, referencing the specific interest rate and term. Given the lack of specific amortization details here, the correct answer is based on the assumption that the calculation has been done correctly according to the provided narrative and table in the text. After 3 payments on a $72,000 mortgage at 7.5% for 25 years, the remaining balance would be $71,752.22.

Narrative 14-1 for Problems in This Section, Use Table 14-1 712%7 \frac { 1 } { 2 } \%721​%

Narrative 14-1
for Problems in This Section, Use Table 14-1 $7 \frac { 1 } { 2 } \%$