The mortgage is standard mortgage with monthly payments

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Reference no: EM131844597

1. What is the remaining balance on a $325,000.00 mortgage after 85 months? The mortgage is a a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.80%.

$290,167

$294,853

$317,747

$278,910

$278,081

2. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.70%. What portion of the payments during the first 31 months goes toward interest?

82.86%

79.39%

84.08%

85.83%

80.48%

Reference no: EM131844597

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