You have a 15-year,fixed-rate,$150,000 mortgage.The monthly payment amount is constant and the mortgage is amortized on a monthly basis.How much will the principal balance be after the 90^th payment has been paid?

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Quizplus · Accepted Answer

After 90 payments (7.5 years), more than half of the mortgage term has passed, but due to the nature of amortization, the principal balance will still be greater than $75,000.

You Have a 15-Year,fixed-Rate,$150,000 Mortgage