Your family purchased a house three years ago when you, Finance Basics

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Your family purchased a house three years ago when you

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?

Additional Information:

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

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Finance Basics: Your family purchased a house three years ago when you

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Finance Basics: Your family purchased a house three years ago when you

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