Homework Answers
Monthly Payment = $2,580.47
Remaining Life of Loan = 156 months
Annual Interest Rate = 11.00%
Monthly Interest Rate = 11.00% / 12
Monthly Interest Rate = 0.91667%
Loan Outstanding = $2,580.47/1.0091667 + $2,580.47/1.0091667^2 +
… + $2,580.47/1.0091667^155 + $2,580.47/1.0091667^156
Loan Outstanding = $2,580.47 * (1 - (1/1.0091667)^156) /
0.0091667
Loan Outstanding = $2,580.47 * 82.813693
Loan Outstanding = $213,698.25
If you just make the 84th payment, the outstanding balance on your current loan is $213,698.25
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