Question

A $152,000 mortgage loan at 4.8% compounded monthly requires monthly payments during its 25-year amortization period. (Do not round the intermediate calculations. Round your answers to 2 decimal places.) a. Calculate the monthly payments rounded to the cent. PMT is $ b. Calculate the balance owing on the loan after eight years using the Retrospective Method. After 8 years of payments, the balance outstanding on the loan is $

Answer 1

в 1 Monthly payment $ 870.96 PMT(4.8%/12,25*12,-152000,0) 4 Loan due 5 Loan due PV*(1+r)^n-P*((1+r)^n-1))/ 143,719.01 =(152000*(1+(4.8%/12))^120)-870.96*((1+(4.8%/12))^96-1)/(4.8%/12)

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