On january 1 2004 xyz companypurchased a building for

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On January 1, 2004 XYZ Companypurchased a building for $200,000 by executing a $200,000 fullyamortizing bank mortgage with a 10-year term bearing interest at an annual rate of8% compounded monthly. Monthly payments of principal and interest amounting to $2,426.55 are to be made at theend of each month with the first payment due January 31, 2004. If XYZ decides to pay off the entire mortgage inMarch, 2004 after just two monthly payments of $2,426.55 have been made, what amount of principal would be due?

Reference no: EM13615209

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