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Question
assume the following: payment #1 totals $2,100 ($1,500 prinicipal and $600 interest expense); payment #2 totals $2,000 ($1,500 principal and $500 interest expense); and the remaining prinicipal balance after these two payments is $100,000.
if the amortization schedules remaining principal balance column after these payments amounts to $100,000, what is the balance in the column before these payments?
a. $103,000
b. $97,000
c. $104,100
d. $95,900
e. none of the above
Answer
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