Question

Maria takes out a 30-year mortgage for $181184 at an annual interest rate of 3.8%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.

Answer 1

Answer- Loan balance will be $9,851

Loan amount	$ 1,81,184.00
PV Factor	17.719802
Annual instalment amount	$      10,224.95

Loan Statement
Year	Loan amount balance	Interest	Installment	Ending balance
1	$ 1,81,184.00	$           6,884.99	$ (10,224.95)	$       1,77,844.05
2	$ 1,77,844.05	$           6,758.07	$ (10,224.95)	$       1,74,377.18
3	$ 1,74,377.18	$           6,626.33	$ (10,224.95)	$       1,70,778.56
4	$ 1,70,778.56	$           6,489.59	$ (10,224.95)	$       1,67,043.20
5	$ 1,67,043.20	$           6,347.64	$ (10,224.95)	$       1,63,165.90
6	$ 1,63,165.90	$           6,200.30	$ (10,224.95)	$       1,59,141.26
7	$ 1,59,141.26	$           6,047.37	$ (10,224.95)	$       1,54,963.68
8	$ 1,54,963.68	$           5,888.62	$ (10,224.95)	$       1,50,627.36
9	$ 1,50,627.36	$           5,723.84	$ (10,224.95)	$       1,46,126.25
10	$ 1,46,126.25	$           5,552.80	$ (10,224.95)	$       1,41,454.10
11	$ 1,41,454.10	$           5,375.26	$ (10,224.95)	$       1,36,604.41
12	$ 1,36,604.41	$           5,190.97	$ (10,224.95)	$       1,31,570.44
13	$ 1,31,570.44	$           4,999.68	$ (10,224.95)	$       1,26,345.17
14	$ 1,26,345.17	$           4,801.12	$ (10,224.95)	$       1,20,921.34
15	$ 1,20,921.34	$           4,595.01	$ (10,224.95)	$       1,15,291.40
16	$ 1,15,291.40	$           4,381.07	$ (10,224.95)	$       1,09,447.53
17	$ 1,09,447.53	$           4,159.01	$ (10,224.95)	$       1,03,381.59
18	$ 1,03,381.59	$           3,928.50	$ (10,224.95)	$           97,085.15
19	$      97,085.15	$           3,689.24	$ (10,224.95)	$           90,549.44
20	$      90,549.44	$           3,440.88	$ (10,224.95)	$           83,765.37
21	$      83,765.37	$           3,183.08	$ (10,224.95)	$           76,723.51
22	$      76,723.51	$           2,915.49	$ (10,224.95)	$           69,414.06
23	$      69,414.06	$           2,637.73	$ (10,224.95)	$           61,826.85
24	$      61,826.85	$           2,349.42	$ (10,224.95)	$           53,951.32
25	$      53,951.32	$           2,050.15	$ (10,224.95)	$           45,776.53
26	$      45,776.53	$           1,739.51	$ (10,224.95)	$           37,291.09
27	$      37,291.09	$           1,417.06	$ (10,224.95)	$           28,483.21
28	$      28,483.21	$           1,082.36	$ (10,224.95)	$           19,340.62
29	$      19,340.62	$              734.94	$ (10,224.95)	$             9,850.62
30	$        9,850.62	$              374.32	$ (10,224.95)	$                   (0.00)