Question

For a $150,000 mortgage, with interest rate 5,5%, paid over 15 years, the monthly payment is $1,225,63. After 2 monthly
payments, what is the balance of the loan?
Round to the nearest cent. Do not include the dollar sign or commas in the answer box.

Answer 1

150,000e^(0.055)(15)
342,282.114799

Subtract the two monthly payments
342,282.11-2,451.26
339830.85