After the July 1 payment, a loan has an unpaid balance of $162,680.52. The interest rate is 9%. The borrower’s payments are $1,542 including principal and interest. What will the principal balance be after the September 1 payment?

To answer this question, you need to know the term of the loan and if any additional principle payments have been made throughout the loan.

Jeff Miller
Associate Vice President
First Financial Services
(734)994-5294
Fax: (734)994-1008
jeff@ffsimortgage.com
http://www.ffsimortgage.com