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Question
assume the following: payment #1 totals $1,600 ($1,200 prinicipal and $400 interest expense); payment #2 totals $1,600 ($1,300 principal and $300 interest expense); and the remaining prinicipal balance before these two payments is $50,000.
if the amortization schedules remaining principal balance column prior to these payments amounts to $50,000, what is the balance in the column after these payments?
a. $47,500
b. $52,500
c. $53,200
d. $46,800
e. none of the above
Answer
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