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An firm borrowed $192,000 to remodel their office. The load was to b.pdf

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A firm took out a $192,000 loan to remodel their office, with equal monthly payments over 30 years at 4% interest compounded monthly. After 7 years, the firm wants to pay off the remaining balance on the loan. The remaining balance is $165,000.

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An firm borrowed $192,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 4% interest, compounded monthly. After 7 years, the firm wants to pay off the loan. What is the remaining balance that must be paid off? Express your answer in $ to the nearest $1,000. Answer is 165234 to check your work Solution

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An firm borrowed $192,000 to remodel their office. The load was to b.pdf

  • 1. An firm borrowed $192,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 4% interest, compounded monthly. After 7 years, the firm wants to pay off the loan. What is the remaining balance that must be paid off? Express your answer in $ to the nearest $1,000. Answer is 165234 to check your work Solution