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qid 638 · business

Question: Mr. Jackson bought his house in 1995, and financed the loan for 30 years at an interest rate of 7.8%. His monthly payment was $1260. In 2015, Mr. Jackson decides to pay off the loan. Find the balance of the loan he still owes.

  1. 90000.00
  2. 98000.00
  3. 125678.90
  4. 110000.00
  5. 120000.00
  6. 115245.67
  7. 104761.48
  8. 135000.00
  9. 140000.00
  10. 150000.00

Our answer: G. 104761.48 Source quote machine-checked (exact quote)

A machine check confirms the quoted words appear at the source. A person has not yet reviewed these. EARN MARKS as a Human Reviewer

How it was answered

Stored formula / worked method, replayed by code

Amortized mortgage balance payoff calculation problem

card: formula · card sha256 825d7ff60ad6e825…

Current source

Wikipedia, "Amortization calculator"

https://en.wikipedia.org/wiki/Amortization_calculator

“An amortization calculator is used to determine the periodic payment amount due on a loan (typically a mortgage), based on the amortization process.”

Source quote machine-checked (exact quote)

retrieved 2026-09-17T23:56:29.946Z

page text sha256 44d40b515d9dd67d… · content sha256 2a90bbcd82d41fca…

addendum formula_qid638.formula_ADDENDUM_source_rs20260917T235629Z · sha256 df06d6ac76831f7d… · replaces the version below, addendum sha256 a034ff28e165301c…

Earlier version (superseded)

https://en.wikipedia.org/wiki/Amortization_calculator

Source weak (http_get_200_text_and_question_terms)

retrieved 2026-09-17T00:32:11.111Z

page text sha256 1e83250a0476a45e… · content sha256 —

addendum formula_qid638.formula_ADDENDUM_source_relabel_unverified20260917T012453Z · sha256 a034ff28e165301c… · replaces the version below, addendum sha256 fb0466c8d6ada0e7…

Earlier version (superseded)

https://en.wikipedia.org/wiki/Amortization_calculator

Source weak (http_get_200_text_and_question_terms)

retrieved 2026-09-17T00:32:11.111Z

page text sha256 1e83250a0476a45e… · content sha256 —

addendum formula_qid638.formula_ADDENDUM_source_bf20260917T003211Z · sha256 fb0466c8d6ada0e7… · replaces the version below, addendum sha256 17ebff2be44dc047…

Earlier version (superseded)

No public source has been found for this card yet (3 places checked internally).

addendum formula_qid638.formula_ADDENDUM_source · sha256 17ebff2be44dc047…

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