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July 26, 2014

Homework Help: math

Posted by tracy on Monday, November 5, 2012 at 3:08am.

Question: The price of a home is $180,000. The bank requires a 10% down payment. After the down payment, the balance is financed with a 30 year fixed mortgage at 6.3%. Determine the unpaid balance after ten years.
Answer: The unpaid balance after ten years is $136,641.85

I have the answer but I need help figuring out the formula used and the steps taken to get the answer. Please help.

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