Problemyour family purchased a house three years ago when, Ask an Expert

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Problem:

Your family purchased a house three years ago. When you bought the house you financed it with a $160,000 mortgage with an 8.5% nominal interest rate (compounded monthly). The mortgage was for 15 years (180 months). What is the remaining balance on your mortgage today?

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This question is bacially belongs to Finance as well as it describes about computing the balance on a mortgage loan.

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