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What is the unpaid balance of the mortgage loan at the end

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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 first month?

a. $199,599

b. We need the effective interest rate to calculate this amount

c. $199,397

d. $199,800

e. $200,000

Reference no: EM132832243

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