Gibbs Reese
05/31/2023 · Primary School
62. A home valued at \( \$ 168,500 \) has just had a 70 percent mortgage loan placed on it. The interest rate is 11.25 percent. The monthly payment is \( \$ 1,292.22 \) including principal and interest. What will the principal balance of the mortgage loan be after the next monthly payment is made? a. \( \$ 117,950.00 \) b. \( \$ 117,560.28 \) c. \( \$ 117,913.56 \) d. \( \$ 117,763.56 \)
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The principal balance after the next payment will be approximately \( \$ 117,763.56 \).
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