Answer:
Explanation:
First find the monthly payment: Plugging in a calculator n = 30x12 or 360, APR = 6%/12 = 0.5%, present value = 100,000, future value equals 0, solving for payment gives a monthly payment of 599.55.
Next, find the what the principal is worth in 12 years: Plugging into a calculator n = 12*12 or 144, APR = 0.5%, present value = 100,000, payment = -599.55, and solving for future value gives a remaining principal of 79,079.55.
