A family has $146,496, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years.
Monthly payment=146496*(5.4%/12)/(1-1/(1+5.4%/12)^(12*30))=$822.62
Unpaid balance after 10
years=146496*(1+5.4%/12)^(12*10)-822.62/(5.4%/12)*((1+5.4%/12)^(12*10)-1)=$120,574.31
Unpaid balance after 20
years=146496*(1+5.4%/12)^(12*20)-822.62/(5.4%/12)*((1+5.4%/12)^(12*20)-1)=$76,146.36
Unpaid balance after 25
years=146496*(1+5.4%/12)^(12*25)-822.62/(5.4%/12)*((1+5.4%/12)^(12*25)-1)=$43,170.74
A family has $146,496, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find...
A family has a $150,000, 30-year mortgage at 6.1% com- pounded monthly. Find the monthly payment. Also find the unpaid balance after (A) 10 years (B) 20 years (C) 25 years
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