What is the unpaid balance after fourteen months, Financial Accounting

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What is the unpaid balance after fourteen months

Problem

A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $111,000.00 for 30 years at 5.5% compounded monthly, and will make monthly payments of $630.25. If needed, round to 2 decimal places.

• What is the unpaid balance after 14 months?
• During this time period, how much interest did she pay?

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Financial Accounting: What is the unpaid balance after fourteen months

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Financial Accounting: What is the unpaid balance after fourteen months

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