First we need the monthly payment, let it be P
P(1 - 1.01^-300)/.01 = 210000
P = $2211.18
amount owing after 16 years
= 210000(1.01)^192 - 2211.18(1.01^192 - 1)/.01
= $146,002.35
You take out a 25-year $210,000 mortgage loan with an APR of 12% and monthly payments. In 16 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?
1 answer
1 answer