If a fully amortizing 30-year fixed rate mortgage was originally taken at $200,000,but now has a balance of $50,385,how many more monthly payments will it take before it will be paid off?

Question

Quizplus · Accepted Answer

To determine the remaining number of payments for a fully amortizing loan, you need to use an amortization formula or calculator, as the question does not provide the interest rate or the monthly payment amount. However, given the options, the correct approach involves understanding the nature of an amortizing loan, where payments are applied to both principal and interest. Without the specific details, direct calculation is not feasible here, but the correct answer can be identified based on the structure of the question and typical loan amortization schedules. Assuming the loan has been paid down to $50,385, and knowing that it's a 30-year (360 months) mortgage, the remaining balance suggests we are in the latter part of the amortization schedule where the majority of the payment goes towards the principal rather than interest. The option closest to a reasonable remaining term without exact payment and interest rate details is 51 months, as it suggests a nearing end to the mortgage term consistent with a significant paydown from the original balance.

If a Fully Amortizing 30-Year Fixed Rate Mortgage Was Originally