The jordan family recently purchased their first home the

Reference no: EM13618621

The Jordan family recently Purchased their first home. The house has a 15-year (180-month), $165,000 mortgage. The mortgage has a nominal annual interest rate of 7.75%. All mortgage payments are made at the end of the month.

What will be the remaining balance on the mortgage after one year (right after the 12th payment has been made)?

Reference no: EM13618621

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