Respuesta :
A borrower has a $351,483 home debt with 20 years left on it and monthly installments of 8. The loan has an unpaid balance of $174,961.5609.
Here is the Solution:
First, let's find the monthly payment.
Monthly interest rate =[tex](1 + 0.06)^{(1/12)} - 1 = 0.486755057%[/tex]
I/Y = 0.486755057
N = 30 [tex]\times[/tex] 12 = 360 payments
PV = 200,000
FV = 0
Find PMT to get $1,178.740834
Number of payments left after 8 years = (30 - 8)[tex]\times[/tex]12 = 264
Compute the PV to get the loan outstanding after 8 years with
N = 264
I/Y = 0.486755057
PMT = -1,178.740834
FV = 0
Find PV to get $174,961.5609
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