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What will be the loan balance at the end of years

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Reference no: EM132793601

Question - You bought a house with price of $500,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 5%. Assuming the total transaction cost is $5,000. What will be the loan balance at the end of 6 years?

a. $355,244.47

b. $359,741.24

c. $385,234.09

d. $392,122.50

Reference no: EM132793601

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