Thursday

July 24, 2014

July 24, 2014

Posted by **Tonia** on Monday, August 8, 2011 at 11:05pm.

•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 -
**drwls**, Tuesday, August 9, 2011 at 6:45amThere is a formula for this but I can't remember it. It is easier to use an amortization table such as the one at

http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx?ec_id=m1027743

Using it, I got a monthly payment of $1498.88

After 5 years, the unpaid balance is $232,300.20

After 10 years, the unpaid balance is $209,214.31

- math -
**drwls**, Tuesday, August 9, 2011 at 6:47amThe formula to use can be found at http://www.amortizationformula.org/

**Related Questions**

math - You have just graduated from college and landed your first big job. You ...

Algebra - You have just graduated from college and landed your first big job. ...

algebra - You have just graduated from college and landed your first big job. ...

ALGEBRA - Part III: Mathematics of Finance You have just graduated from college ...

math - To purchase your first home, you may be required to borrow funds from a ...

math 140 math for professional - Assignment Part I: A system of equations can ...

English - Can someone help me with the intro of my essay. my teacher says I have...

Word problem solving with graph equation - Assignment Part I: A system of ...

English - I hope you could answer some of my questions this time Can you say: I ...

English - I did some of the corrections myself (in parentheses). Could you ...