A homeowner is anxious to pay off their mortgage. After sending in their payment this month they are curious what the remaining principal balance will be. The bank's system is down so they ask you to calculate it for them. If the beginning mortgage balance was $3,000 and they made a $750 payment, with an annual interest rate of 6%. What is the remaining principal balance after the payment? What will the remaining principal balance be after two payments? Show your work.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q89: A national cellular company discourages carrying a
Q90: The Big Bank would like to charge,
Q91: How much is the monthly mortgage payment
Q92: How much is the quarterly payment on
Q93: How much is the monthly mortgage payment
Q95: A college graduate looks forward to paying
Q96: Your grandmother hears you are a finance
Q97: Bank A would like to set its
Q98: Compound interest results in a higher future
Q99: If you invest $1 million today, and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents