How much will the bank require you to pay

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Reference no: EM131016021

Suppose that you take out a loan for $60,000 that is to last for 10 years. The interest rate is 9% APR, and the payments are monthly. After making the payment that corresponds to 2 ½ years after the time of the loan, you decide that you would like to pay the remaining balance on your loan, so that you will no longer need to make monthly payments. How much will the bank require you to pay? (That is to say, what will be your remaining balance?)

Reference no: EM131016021

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