A mortgage loan of $132,000 at 6% compounded semi-annually is to be amortized over 25 years by equal monthly payments. What will the balance outstanding be after three years?

A mortgage loan of $132,000 at 6% compounded semi-annually is to be amortized over 25 years by equal monthly payments. What will the balance outstanding be after three years?
A) $124,797
B) $124,507
C) $124,200
D) $124,430
E) $124,135

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