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A mortgage is paid off in 30 years with a total of $124,000. It had a 2% interest rate that compounded monthly. What was the principal

Answer :

Today at 4:19 AM

Answer:

the Principle, PV on the mortgage was $68,086.64.

Explanation:

The Principle on the mortgage, PV is determined as follows :

FV = $124,000

N = 30 × 12 = 360

P/ yr = 12

PMT = $0

R = 2%

PV = ?

Using a Financial Calculator, the Principle, PV on the mortgage was $68,086.6399 or $68,086.64.

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