Monthly-payment-required mortgage loan

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Reference no: EM131297746

You are applying for a 30-year, fixed-rate (APR 6.50%), monthly-payment-required mortgage loan for a house that sells for $80,000 today. The mortgage bank will ask you for 20% initial down payment (in cash, paid immediately) of the house value, and charge you an extra $3,000 closing cost (carried into loan balance and amortized later) when the loan is approved. 10 years after buying the house, what will be the remaining principal balance of your loan?

Reference no: EM131297746

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