Answer:
The below is the first of paragraph in the question which is missing:
Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years.
$22,319.00
Step-by-step explanation:
In order to determine the portion of the original loan that has been paid off,we need to ascertain the original loan amount as below:
loan amount=purchase price of the home-down payment
purchase price is $150,000
down-payment =10%*$150,000=$15,000
loan amount=$150,000-$15,000=$135,000
If the loan amount has reduced to $112,681,hence the loan amount paid off is the difference between the original loan amount and the balance now:
original loan paid off=$135,000-$112,681=$22,319.00
