Vincent took out a 30-year loan for $120,000 at an APR of 10.8%,
compounded monthly, and he is making monthly payments of $1124.69.
What will his balance be with 14 years left on the loan?
O A. $102,594.53
O B. $119,336.38
O c. $119,234.60
O D. $97,227.63

Open excel sheet from the link below to view the amortization table I created to solve this question. Once it opens, click on "edit in browser" to be view the functions within the cells. It shows how we get the correct ending balance at 192nd; (16*12=192).

The ending balance will be $97,227.63

Link to excel sheet: https://1drv.ms/x/s!Ah6GQykxbVxAoAvM9ECWpg05BjDl

Answer Link

Vincent took out a 30-year loan for $120,000 at an APR of 10.8%,compounded monthly, and he is making monthly payments of $1124.69.What will his balance be with 14 years left on the loan?O A. $102,594.53O B. $119,336.38O c. $119,234.60O D. $97,227.63​

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Vincent took out a 30-year loan for $120,000 at an APR of 10.8%,
compounded monthly, and he is making monthly payments of $1124.69.
What will his balance be with 14 years left on the loan?
O A. $102,594.53
O B. $119,336.38
O c. $119,234.60
O D. $97,227.63