Monica took out a 30-year loan for $130,000 at an apr of 8.4%, compounded monthly, and she is making monthly payments of $990.39. what will her balance be with 12 years left on the loan

$ 40331.781  (Approx)

Step-by-step explanation:

Let Monica pay off $ x in 12 years,

Thus, for 12 years, his present value,  PV  = $ x

Given, APR of the loan =  8.4% = 0.084

Thus, the monthly rate of the loan, r = 0.084/12 = 0.007

The number of period in 12 years, n = 144

And, the monthly payment, P = $ 990.39

Thus, by the formula,

Thus, He pay off $ 89668.2185624 of the original amount of the loan.

⇒The amount of loan left after 12 years

= 130,000 - 89668.2185624

=40331.7814376  ≈ $ 40331.781