Finance
A Maine homeowner with a $200,000 balance on a 30-year mortgage at 7% has been paying for 20 years. To determine the remaining balance, the homeowner would look at:
AThe original amortization schedule
BTheir most recent mortgage statement, which shows the current outstanding balance✓ Correct
CThe original loan documents
DThe county registry of deeds
Explanation
A mortgage statement provides the current outstanding balance. After 20 years of payments, the balance reflects the principal paid down over those years according to the amortization schedule.
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