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August 30, 2014

August 30, 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/

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