Business, 01.04.2020 09:11 andrejr0330jr

John makes a monthly mortgage payment of $1940 at the end of every month. On October 31, his loan balance was $145,000 after making a payment of $1940. His financial institute allows him to make one additional payment equal to or less than his monthly payment, once a month. Taking advantage of that, John made a payment of $1500 on November 15. What is his month-end balance after making his monthly payment on November 30 if the interest rate is 3.7% compounded semiannually?

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John makes a monthly mortgage payment of $1940 at the end of every month. On October 31, his loan ba...

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