An amount of $350,000 is borrowed for a period of 30 years at an interest rate of 5.5%. The amortization schedule for this loan is below. Payments of $1,530.73 are made monthly.
Payment # Payment Interest Debt Payment Balance
1 1,530.73 966.67 564.06 289, 435.94
2 1,530.73 964.79 565.94 288, 870.00
3 1,530.73 962.90 567.83 288, 302.17
4 …. …. …. x
5 …. …. …. ….
Calculate x,the balance on the loan at the end of month 4.
