Question: You took out a 30-year fixed-rate mortgage for $300,000 with an interest rate of 10.8%...

Question: You took out a 30-year fixed-rate mortgage for $300,000 with an interest rate of 10.8% (APR).

Part 1. What is the monthly payment.

Answer. $ 2811.73

Part 2. What is the outstanding balance on your mortgage after 15 years?

(To the person answering this)

Please include the formula to solve Part 1,

The formula and solution to solve Part 2 and an worded explanation on all the steps below your work. I'm so confused on the subject & Thank You !!!!!

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

jeff jeffy answered 1 year ago

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