Question
An amount of $290,000 is borrowed for a period of 25 years at an interest rate of 4%. The amortization schedule for this
loan is below. Payments of $1,530.73 are made monthly.
Payment #
1
2
Payment Interest
1,530.73 966.67
1, 530.73964.79
1.530.73 962.90
Debt Payment
564.06
565.94
567.83
Balance
289, 435.94
288, 870.00
288, 302.17
3
4
X
5
Calculate x,the balance on the loan at the end of month 4. Give your answer to the nearest dollar. Do not include commas
or the dollar sign in your answer.
Provide your answer below:
