Determine the principal balance on the loan
Problem:
Amortizing Loan. You take out a 30-year $100,000 mortgage loan with an APR of 6 percent and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?
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In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?
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