A homeowner has five years of monthly payments of $1400 before she has paid off her house. If the interest rate is 6% APR, what is the remaining balance on her loan?
A) $57,933
B) $86,899
C) $72,416
D) $101,382

Question

Quizplus · Accepted Answer

C) Calculate PV of the ordinary annuity of $1400 paid per month at a periodic interest rate 11ea84dc_f572_6db9_9a63_8f3b0591f255_TB1316_11_TB1316_11 over 11ea84dc_f572_94ca_9a63_67d0d8606863_TB1316_11_TB1316_11

A Homeowner Has Five Years of Monthly Payments of $1400