# Outstanding Loan Balance

###### Question:

A 15 year mortage of 117,134.8- is being repaid with monthly payments of $988.45 based upon nominal interest rate of 6% convertible monthly. Immediately after the 60thpayment, the interest rate is increased to a nominal interest rate of 7.5% convertible monthly. The monthly payments remain at$988.45. Calculate the loan balanceimmediately after the 84th payment. Calculate the amount of interest in the 84th payment.

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