Asked by Sara
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 yr, with interest rate of 6%/year compounded monthly on the unpaid balance. She plans to sell her house in 5 yr. How much will Sarah still owe on her house?
Answers
Answered by
Reiny
payment = ?
n = 180
i = .06/12 = .005
200000 = paym( 1 - 1.005^-180)/.005
paym = 1687.71
balance after 5 years
= 200000(1.005)^60 - 1687.71(1.005^60 - 1)/.005
=269770.03 - 117751.83
= 152018.20
n = 180
i = .06/12 = .005
200000 = paym( 1 - 1.005^-180)/.005
paym = 1687.71
balance after 5 years
= 200000(1.005)^60 - 1687.71(1.005^60 - 1)/.005
=269770.03 - 117751.83
= 152018.20
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.