On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of...

On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of 9%, what is the outstanding balance due on the loan with after the borrower has made 18 years of payments?

Expert Solution

solved using (I) financial formula and (II) excel function

jeff jeffy answered 3 months ago

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