You want to take out a $243,000 mortgage (home loan). The interest rate on the loan...
You want to take out a $243,000 mortgage (home loan). The interest rate on the loan is 5.6%, and the loan is for 30 years. Your monthly payments are $1,395.01. How much will still be owed after making payments for 5 years? Round your answer to the nearest dollar.
Homework Answers
Interest rate per month = 5.6%/12
Total payments required = 30*12 = 360
Payments made = 5*12 = 60
Remaining balance in the loan account = A(P/A, i%, N – n)
= 1,395.01*(P/A, 5.6%, 360 - 60)
= 1,395.01*161.2711
= $224,974.86
The answer is $224,975
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