Experience the convenience of getting your questions answered at IDNLearn.com. Ask anything and receive comprehensive, well-informed responses from our dedicated team of experts.
A mortgage has an initial balance of $150,000 and is charged 5% yearly interest applied monthly. If a person makes a payment of $1000 each month, which of the following is closest to the mortgage balance after 3 months of payments?
(1) $145,165
(2)$147,520
(3)$148,160
(4)$148,870
Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Find clear and concise answers at IDNLearn.com. Thanks for stopping by, and come back for more dependable solutions.