Using a financial calculator, find the present value of the remaining loan payments on this mortgage....
Using a financial calculator, find the present value of the remaining loan payments on this mortgage.
$132,000 Mortgage with IOU Mortgage Bank 5 years ago, 30 year mortgage @ 6% interest and a monthly payment of $791 (Total 2010 interest paid $7,433)
Homework Answers
The problem can be solved using a financial calculator as described below:
- Input I/Y = 0.5 % (=6/12), N = 12 x 25 = 300 (25 years of the mortgage left), PMT = $ 791 and FV = $ 0
- CMPT-> PV
- PV = $ 122768.63
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