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QUESTION
A homeowner takes out a 15-year mortgage in the amount of $400,000, fully amortized, monthly compounded, monthly payable, with an interest rate of 4....
- A homeowner takes out a 15-year mortgage in the amount of $400,000, fully amortized, monthly compounded, monthly payable, with an interest rate of 4.8% p.a. What is the remaining balance of the mortgage after 8 years (i.e., after the 96th payment)? (in %, 2 decimal places)
