The loan remaining balance at the time he sold his house

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Reference no: EM131326996

Jerry bought a house for $400,000 and made an $80,000 down payment. He obtained a 30 year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 6%. After 10 years, he sold the house and paid off the loan's remaining balance.

a) What was his monthly loan payment?

b) What was the loan's remaining balance at the time he sold his house?

Reference no: EM131326996

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