1. What is the remaining balance on a $325,000.00 mortgage after 85 months? The mortgage is a a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.80%.
$290,167
$294,853
$317,747
$278,910
$278,081
2. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 5.70%. What portion of the payments during the first 31 months goes toward interest?
82.86%
79.39%
84.08%
85.83%
80.48%