The balance of the loan (value of z) at the end of month 3 is $348,845, which is the difference between the loan amount and the total payments made at the end of month 3.
Data and Calculations:
Principal Loan = $350,000
Period of loan = 30 years
Interest rate = 5.5%
Monthly Payment = $1,987.26
Amortization Schedule:
Payment #   Payment     Interest    Debt Payment   End Balance
0 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $350,000.00
1 Â Â Â Â Â Â Â Â Â Â $1,987.26 Â Â $1,604.17 Â Â Â Â Â $383.09 Â Â Â Â Â $349,616.91
2 Â Â Â Â Â Â Â Â Â Â 1,987.26 Â Â Â 1,602.41 Â Â Â Â Â Â 384.85 Â Â Â Â $349,232.06
3 Â Â Â Â Â Â Â Â Â Â 1,987.26 Â Â Â 1,600.65 Â Â Â Â Â Â 386.61 Â Â Â Â Â $348,845.45
Total      $5,961.78              $1,154.55
Thus, the Balance at the end of the third month (z) is = $348,845.45 ($350,000 - $1,154.55).
Learn more about calculating loan amortization balance at https://brainly.com/question/14511778
