Yes, you report "0" as an ending balance. The average balance is typically used in determining the interest amount you pay on a mortgage over a certain period. Here’s how you can calculate it.
- Sum of Outstanding Balances: First, add up the outstanding balance of the mortgage for each day of the period you are considering (this could be monthly, quarterly, etc.).
- Divide by Days in Period: Once you have the total sum of all the daily balances, divide this by the number of days in the period.
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