finance
posted by Anonymous .
You take out a 25year $210,000 mortgage loan with an APR of 12% and monthly payments. In 16 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?

First we need the monthly payment, let it be P
P(1  1.01^300)/.01 = 210000
P = $2211.18
amount owing after 16 years
= 210000(1.01)^192  2211.18(1.01^192  1)/.01
= $146,002.35
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