Homework Answers
4)
| Step-1:Calculation of monthly payment | ||||||||||||||
| Monthly Payment | = | Loan amount / Present value of annuity of 1 | ||||||||||||
| = | $ 2,27,993 | / | 182.5145017 | |||||||||||
| = | $ 1,249.18 | |||||||||||||
| Working: | ||||||||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||||||||
| = | (1-(1+0.004583)^-396)/0.004583 | i | 0.055/12 | = | 0.004583 | |||||||||
| = | 182.5145 | n | 33*12 | = | 396 | |||||||||
| Step-2:Calculation of mortgage balance after 24 end of months payment | ||||||||||||||
| Mortgage Balance after 24 months | = | Monthly Payment*Present Value of annuity of 1 | ||||||||||||
| = | $ 1,249.18 | * | 178.3757 | |||||||||||
| = | $ 2,22,822.85 | |||||||||||||
| Mortgage loan balance will always present value of monthly payments. | ||||||||||||||
| Working: | ||||||||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||||||||
| = | (1-(1+0.004583)^-372)/0.004583 | i | 0.055/12 | = | 0.004583 | |||||||||
| = | 178.3757 | n | 396-24 | = | 372 | |||||||||
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