Calculate The Balance Of Mortgage Loan

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Question

Your family purchased a house three years ago. When you bought the house you financed it with a $160,000 mortgage with an 8.5% nominal interest rate (compounded monthly). The mortgage was for 15 years (180 months). What is the remaining balance on your mortgage today?

Summary

The question belongs to Finance and it discusses about calculating the balance on a mortgage loan.

Total Word Count 130

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