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What is the unpaid balance of the mortgage loan

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Reference no: EM132762857

Jonny Walker purchases his first condominium downtown Toronto by obtaining a $200,000 mortgage loan from Borrowers Are Us Inc. Jonny Walker agrees to make monthly payments of $1,200. The interest rate applied to the unpaid balance is 6% per year.

Problem 1: Prepare the amortization schedule to be used for this loan. What is the unpaid balance of the mortgage loan at the end of the second month?

a. $199,800
b. $199,397
c. $200,000
d. $199,599
e. We need the effective interest rate to calculate this amount

Reference no: EM132762857

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