Horace and Myrtle want to buy a house. They

jagguarpaw February 1, 2017 0 Comments

Question: Horace and Myrtle want to buy a house. They plan…

Horace and Myrtle want to buy a house. They plan to make monthly payments over a 20-year period. Their banker offered them a fully amortizing $95,000 loan at a 12% annual rate compounded monthly. What is the outstanding loan balance that is left after making the payments for the first two months? Using financial calculator.