Question

If a fully amortizing 30-year fixed rate mortgage was originally taken at $200,000 with 5.25 percent interest, but now has a balance of $50,385, how many more monthly payments will it take before it will be paid off

Answer 1

Based on the question above, the correct answer goes thus:

• The monthly payments will take 10 more months before it will be paid off

Mortgage Terms

A mortgage is simply a particular type of term loan—one secured by real property. For a term loan, the borrower pays interest calculated on an annual basis against the outstanding balance of the loan. Both the interest rate and monthly payment are fixed.

In conclusion, we can conclude that the correct answer is 10 months.

Learn more about mortgage terms from here: https://brainly.com/question/22598793