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July 28, 2014

July 28, 2014

Posted by **tammy l** on Sunday, March 13, 2011 at 5:29pm.

•What is the monthly payment for this loan?

•What is the unpaid balance of the loan at the end of 5 years?

•What is the unpaid balance at the end of the 10th year?

- math -
**naseer**, Wednesday, March 16, 2011 at 12:16pmy/2-5=1

- math -
**Henry**, Thursday, March 17, 2011 at 3:05pmPt = (Po*r*t) / (1 - (1 + r)^-t).

Pt = Loan amount after 30 years.

Po = Amount of loan = $250,000.

r = (6% / 12) / 100 = 0.005 = Int. rate

per month expressed as a decimal.

t=lenth of loan = 30 yrs. = 360 months.

Pt=(250000*0.005*360)/(1 -(1.005)^-360,

Pt = 450000 / (1-0.16604) = $539,595.47

= Amount of loan after 30 yrs.

539595.47 / 360mo = $1498.88 = monthly

payments.

The process of calculating the balance

before the maturity date is called Amortizing and cannot be shown here

because of the length of the table involved.

I can share this INFO with you:

5-Yr. Bal: $232,691.84

- math -
**Dumbazz**, Sunday, March 20, 2011 at 7:28pmPayed off 56% of a 30 year mortgage in 5years....

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