Question 1199495
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The remaining balance formula is
B = L*( (1+c)^n - (1+c)^p )/( (1+c)^n - 1 )


Here are the variables
B = remaining balance
L = loan amount
c = monthly interest rate in decimal form
n = number of months total
p = number of months you are into the mortgage


Refer to this page for more info
<a href = "https://www.mtgprofessor.com//formulas.htm">https://www.mtgprofessor.com//formulas.htm</a>


In this case,
L = 650000
c = 0.071/12 which I'll leave in fraction form to have the best accuracy
n = 12*30 = 360 months
p = 12*20 = 240 months


Let's compute the remaining balance
B = L*( (1+c)^n - (1+c)^p )/( (1+c)^n - 1 )
B = 650000*( (1+0.071/12)^360 - (1+0.071/12)^240 )/( (1+0.071/12)^360 - 1 )
B = 374553.109454018
B = 374553.11


Answer: <font color=red>$374,553.11</font>
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