2012-2-6 12:03
heat0606
A borrower is arranging a third mortgage with Brass Knuckle Finance Company. The loan amount is
$17,000, the interest rate is 21.5% per annum, compounded monthly, the amortization period is 15 years
and the contractual term is 2 years. If payments are made monthly, rounded up to the next higher $10,
calculate the outstanding balance at the end of the loan term