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Finance

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IF i AM PAYING $1,626.83 MONTH FOR 15 YEARS AT 4% WHAT WOULD THE ORIGINAL MORTGAGE AMT BE

  • Finance - ,

    P=1626.83 * 15yrs. * 12mo./yr.=292829.40

    P = (Po*r*t)/(1-(1+r)^-t) = 292829.40

    r = (4%/12)/100% = 0.00333 = Monthly % rate expressed as a decimal.

    t = 15yrs. * 12mo/yr. = 189 Months.

    (Po*0.00333*180)/(1-(1.00333)^-180)=
    292,829.40
    0.5994Po/0.45031 = 292829.40
    1.33108Po = 292829.40
    Po = $ 219,993.84

  • Finance - ,

    Correction: t = 180 Months.

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