Question

In: Finance

You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is...

You have borrowed $100,000 on a 40-year mortgage with monthly payments. The annual interest rate is 16 percent. How much will you pay over the course of the loan? With four years left on the loan, how much will you still owe?

excel

Solutions

Expert Solution

Loan 100000
Interest 16%
Monthly Rate 1.33%
Time 40 Years
Period 480
Monthly Payment (With the help of PMT Formula) $1,335.65
Formula =-PMT(B6,B8,B3)
Total Payment over the course of loan $641,111
(Please see the table below)
With four left (after 432 months), the balance loan would be $ 47,129
(Please see the table below)
Loan Beginning Interest Payment Loan Outstanding
1 100000 1333 1336 99998
2 99998 1333 1336 99995
3 99995 1333 1336 99993
4 99993 1333 1336 99991
5 99991 1333 1336 99988
6 99988 1333 1336 99986
7 99986 1333 1336 99983
8 99983 1333 1336 99981
9 99981 1333 1336 99978
10 99978 1333 1336 99975
11 99975 1333 1336 99973
12 99973 1333 1336 99970
13 99970 1333 1336 99967
14 99967 1333 1336 99965
15 99965 1333 1336 99962
16 99962 1333 1336 99959
17 99959 1333 1336 99956
18 99956 1333 1336 99953
19 99953 1333 1336 99950
20 99950 1333 1336 99947
21 99947 1333 1336 99944
22 99944 1333 1336 99941
23 99941 1333 1336 99938
24 99938 1333 1336 99935
25 99935 1332 1336 99932
26 99932 1332 1336 99929
27 99929 1332 1336 99925
28 99925 1332 1336 99922
29 99922 1332 1336 99919
30 99919 1332 1336 99915
31 99915 1332 1336 99912
32 99912 1332 1336 99908
33 99908 1332 1336 99905
34 99905 1332 1336 99901
35 99901 1332 1336 99898
36 99898 1332 1336 99894
37 99894 1332 1336 99890
38 99890 1332 1336 99886
39 99886 1332 1336 99883
40 99883 1332 1336 99879
41 99879 1332 1336 99875
42 99875 1332 1336 99871
43 99871 1332 1336 99867
44 99867 1332 1336 99863
45 99863 1332 1336 99859
46 99859 1331 1336 99854
47 99854 1331 1336 99850
48 99850 1331 1336 99846
49 99846 1331 1336 99841
50 99841 1331 1336 99837
51 99837 1331 1336 99832
52 99832 1331 1336 99828
53 99828 1331 1336 99823
54 99823 1331 1336 99819
55 99819 1331 1336 99814
56 99814 1331 1336 99809
57 99809 1331 1336 99804
58 99804 1331 1336 99799
59 99799 1331 1336 99794
60 99794 1331 1336 99789
61 99789 1331 1336 99784
62 99784 1330 1336 99779
63 99779 1330 1336 99774
64 99774 1330 1336 99768
65 99768 1330 1336 99763
66 99763 1330 1336 99757
67 99757 1330 1336 99752
68 99752 1330 1336 99746
69 99746 1330 1336 99741
70 99741 1330 1336 99735
71 99735 1330 1336 99729
72 99729 1330 1336 99723
73 99723 1330 1336 99717
74 99717 1330 1336 99711
75 99711 1329 1336 99705
76 99705 1329 1336 99699
77 99699 1329 1336 99692
78 99692 1329 1336 99686
79 99686 1329 1336 99679
80 99679 1329 1336 99673
81 99673 1329 1336 99666
82 99666 1329 1336 99659
83 99659 1329 1336 99652
84 99652 1329 1336 99645
85 99645 1329 1336 99638
86 99638 1329 1336 99631
87 99631 1328 1336 99624
88 99624 1328 1336 99617
89 99617 1328 1336 99609
90 99609 1328 1336 99602
91 99602 1328 1336 99594
92 99594 1328 1336 99586
93 99586 1328 1336 99579
94 99579 1328 1336 99571
95 99571 1328 1336 99563
96 99563 1328 1336 99554
97 99554 1327 1336 99546
98 99546 1327 1336 99538
99 99538 1327 1336 99529
100 99529 1327 1336 99521
101 99521 1327 1336 99512
102 99512 1327 1336 99503
103 99503 1327 1336 99494
104 99494 1327 1336 99485
105 99485 1326 1336 99476
106 99476 1326 1336 99467
107 99467 1326 1336 99457
108 99457 1326 1336 99448
109 99448 1326 1336 99438
110 99438 1326 1336 99428
111 99428 1326 1336 99418
112 99418 1326 1336 99408
113 99408 1325 1336 99398
114 99398 1325 1336 99388
115 99388 1325 1336 99377
116 99377 1325 1336 99367
117 99367 1325 1336 99356
118 99356 1325 1336 99345
119 99345 1325 1336 99334
120 99334 1324 1336 99323
121 99323 1324 1336 99311
122 99311 1324 1336 99300
123 99300 1324 1336 99288
124 99288 1324 1336 99276
125 99276 1324 1336 99264
126 99264 1324 1336 99252
127 99252 1323 1336 99240
128 99240 1323 1336 99228
129 99228 1323 1336 99215
130 99215 1323 1336 99202
131 99202 1323 1336 99189
132 99189 1323 1336 99176
133 99176 1322 1336 99163
134 99163 1322 1336 99149
135 99149 1322 1336 99136
136 99136 1322 1336 99122
137 99122 1322 1336 99108
138 99108 1321 1336 99094
139 99094 1321 1336 99079
140 99079 1321 1336 99065
141 99065 1321 1336 99050
142 99050 1321 1336 99035
143 99035 1320 1336 99020
144 99020 1320 1336 99004
145 99004 1320 1336 98989
146 98989 1320 1336 98973
147 98973 1320 1336 98957
148 98957 1319 1336 98941
149 98941 1319 1336 98924
150 98924 1319 1336 98907
151 98907 1319 1336 98891
152 98891 1319 1336 98873
153 98873 1318 1336 98856
154 98856 1318 1336 98839
155 98839 1318 1336 98821
156 98821 1318 1336 98803
157 98803 1317 1336 98784
158 98784 1317 1336 98766
159 98766 1317 1336 98747
160 98747 1317 1336 98728
161 98728 1316 1336 98709
162 98709 1316 1336 98689
163 98689 1316 1336 98670
164 98670 1316 1336 98650
165 98650 1315 1336 98629
166 98629 1315 1336 98609
167 98609 1315 1336 98588
168 98588 1315 1336 98567
169 98567 1314 1336 98545
170 98545 1314 1336 98523
171 98523 1314 1336 98501
172 98501 1313 1336 98479
173 98479 1313 1336 98457
174 98457 1313 1336 98434
175 98434 1312 1336 98410
176 98410 1312 1336 98387
177 98387 1312 1336 98363
178 98363 1312 1336 98339
179 98339 1311 1336 98315
180 98315 1311 1336 98290
181 98290 1311 1336 98265
182 98265 1310 1336 98239
183 98239 1310 1336 98213
184 98213 1310 1336 98187
185 98187 1309 1336 98161
186 98161 1309 1336 98134
187 98134 1308 1336 98107
188 98107 1308 1336 98079
189 98079 1308 1336 98051
190 98051 1307 1336 98023
191 98023 1307 1336 97994
192 97994 1307 1336 97965
193 97965 1306 1336 97936
194 97936 1306 1336 97906
195 97906 1305 1336 97876
196 97876 1305 1336 97845
197 97845 1305 1336 97814
198 97814 1304 1336 97783
199 97783 1304 1336 97751
200 97751 1303 1336 97718
201 97718 1303 1336 97686
202 97686 1302 1336 97652
203 97652 1302 1336 97619
204 97619 1302 1336 97585
205 97585 1301 1336 97550
206 97550 1301 1336 97515
207 97515 1300 1336 97480
208 97480 1300 1336 97444
209 97444 1299 1336 97408
210 97408 1299 1336 97371
211 97371 1298 1336 97333
212 97333 1298 1336 97295
213 97295 1297 1336 97257
214 97257 1297 1336 97218
215 97218 1296 1336 97179
216 97179 1296 1336 97139
217 97139 1295 1336 97098
218 97098 1295 1336 97057
219 97057 1294 1336 97016
220 97016 1294 1336 96974
221 96974 1293 1336 96931
222 96931 1292 1336 96888
223 96888 1292 1336 96844
224 96844 1291 1336 96800
225 96800 1291 1336 96755
226 96755 1290 1336 96709
227 96709 1289 1336 96663
228 96663 1289 1336 96616
229 96616 1288 1336 96569
230 96569 1288 1336 96520
231 96520 1287 1336 96472
232 96472 1286 1336 96422
233 96422 1286 1336 96372
234 96372 1285 1336 96322
235 96322 1284 1336 96270
236 96270 1284 1336 96218
237 96218 1283 1336 96166
238 96166 1282 1336 96112
239 96112 1281 1336 96058
240 96058 1281 1336 96003
241 96003 1280 1336 95947
242 95947 1279 1336 95891
243 95891 1279 1336 95834
244 95834 1278 1336 95776
245 95776 1277 1336 95718
246 95718 1276 1336 95658
247 95658 1275 1336 95598
248 95598 1275 1336 95537
249 95537 1274 1336 95475
250 95475 1273 1336 95412
251 95412 1272 1336 95349
252 95349 1271 1336 95285
253 95285 1270 1336 95219
254 95219 1270 1336 95153
255 95153 1269 1336 95086
256 95086 1268 1336 95019
257 95019 1267 1336 94950
258 94950 1266 1336 94880
259 94880 1265 1336 94810
260 94810 1264 1336 94738
261 94738 1263 1336 94666
262 94666 1262 1336 94592
263 94592 1261 1336 94518
264 94518 1260 1336 94442
265 94442 1259 1336 94366
266 94366 1258 1336 94289
267 94289 1257 1336 94210
268 94210 1256 1336 94131
269 94131 1255 1336 94050
270 94050 1254 1336 93968
271 93968 1253 1336 93886
272 93886 1252 1336 93802
273 93802 1251 1336 93717
274 93717 1250 1336 93631
275 93631 1248 1336 93543
276 93543 1247 1336 93455
277 93455 1246 1336 93365
278 93365 1245 1336 93275
279 93275 1244 1336 93183
280 93183 1242 1336 93089
281 93089 1241 1336 92995
282 92995 1240 1336 92899
283 92899 1239 1336 92802
284 92802 1237 1336 92704
285 92704 1236 1336 92604
286 92604 1235 1336 92504
287 92504 1233 1336 92401
288 92401 1232 1336 92298
289 92298 1231 1336 92193
290 92193 1229 1336 92086
291 92086 1228 1336 91978
292 91978 1226 1336 91869
293 91869 1225 1336 91758
294 91758 1223 1336 91646
295 91646 1222 1336 91532
296 91532 1220 1336 91417
297 91417 1219 1336 91300
298 91300 1217 1336 91182
299 91182 1216 1336 91062
300 91062 1214 1336 90941
301 90941 1213 1336 90818
302 90818 1211 1336 90693
303 90693 1209 1336 90567
304 90567 1208 1336 90438
305 90438 1206 1336 90309
306 90309 1204 1336 90177
307 90177 1202 1336 90044
308 90044 1201 1336 89909
309 89909 1199 1336 89772
310 89772 1197 1336 89633
311 89633 1195 1336 89493
312 89493 1193 1336 89350
313 89350 1191 1336 89206
314 89206 1189 1336 89060
315 89060 1187 1336 88912
316 88912 1185 1336 88761
317 88761 1183 1336 88609
318 88609 1181 1336 88455
319 88455 1179 1336 88299
320 88299 1177 1336 88140
321 88140 1175 1336 87980
322 87980 1173 1336 87817
323 87817 1171 1336 87653
324 87653 1169 1336 87486
325 87486 1166 1336 87317
326 87317 1164 1336 87145
327 87145 1162 1336 86971
328 86971 1160 1336 86795
329 86795 1157 1336 86617
330 86617 1155 1336 86436
331 86436 1152 1336 86253
332 86253 1150 1336 86067
333 86067 1148 1336 85879
334 85879 1145 1336 85689
335 85689 1143 1336 85496
336 85496 1140 1336 85300
337 85300 1137 1336 85102
338 85102 1135 1336 84901
339 84901 1132 1336 84697
340 84697 1129 1336 84491
341 84491 1127 1336 84282
342 84282 1124 1336 84070
343 84070 1121 1336 83855
344 83855 1118 1336 83637
345 83637 1115 1336 83417
346 83417 1112 1336 83193
347 83193 1109 1336 82967
348 82967 1106 1336 82738
349 82738 1103 1336 82505
350 82505 1100 1336 82270
351 82270 1097 1336 82031
352 82031 1094 1336 81789
353 81789 1091 1336 81544
354 81544 1087 1336 81295
355 81295 1084 1336 81044
356 81044 1081 1336 80789
357 80789 1077 1336 80530
358 80530 1074 1336 80268
359 80268 1070 1336 80003
360 80003 1067 1336 79734
361 79734 1063 1336 79461
362 79461 1059 1336 79185
363 79185 1056 1336 78905
364 78905 1052 1336 78622
365 78622 1048 1336 78334
366 78334 1044 1336 78043
367 78043 1041 1336 77748
368 77748 1037 1336 77449
369 77449 1033 1336 77146
370 77146 1029 1336 76839
371 76839 1025 1336 76528
372 76528 1020 1336 76213
373 76213 1016 1336 75893
374 75893 1012 1336 75570
375 75570 1008 1336 75242
376 75242 1003 1336 74909
377 74909 999 1336 74572
378 74572 994 1336 74231
379 74231 990 1336 73885
380 73885 985 1336 73534
381 73534 980 1336 73179
382 73179 976 1336 72819
383 72819 971 1336 72455
384 72455 966 1336 72085
385 72085 961 1336 71711
386 71711 956 1336 71331
387 71331 951 1336 70946
388 70946 946 1336 70557
389 70557 941 1336 70162
390 70162 935 1336 69762
391 69762 930 1336 69356
392 69356 925 1336 68945
393 68945 919 1336 68529
394 68529 914 1336 68107
395 68107 908 1336 67679
396 67679 902 1336 67246
397 67246 897 1336 66807
398 66807 891 1336 66362
399 66362 885 1336 65911
400 65911 879 1336 65455
401 65455 873 1336 64992
402 64992 867 1336 64523
403 64523 860 1336 64047
404 64047 854 1336 63566
405 63566 848 1336 63077
406 63077 841 1336 62583
407 62583 834 1336 62082
408 62082 828 1336 61574
409 61574 821 1336 61059
410 61059 814 1336 60538
411 60538 807 1336 60009
412 60009 800 1336 59474
413 59474 793 1336 58931
414 58931 786 1336 58381
415 58381 778 1336 57824
416 57824 771 1336 57259
417 57259 763 1336 56687
418 56687 756 1336 56107
419 56107 748 1336 55520
420 55520 740 1336 54924
421 54924 732 1336 54321
422 54321 724 1336 53709
423 53709 716 1336 53090
424 53090 708 1336 52462
425 52462 699 1336 51826
426 51826 691 1336 51181
427 51181 682 1336 50528
428 50528 674 1336 49866
429 49866 665 1336 49195
430 49195 656 1336 48516
431 48516 647 1336 47827
432 47827 638 1336 47129
433 47129 628 1336 46422
434 46422 619 1336 45705
435 45705 609 1336 44979
436 44979 600 1336 44243
437 44243 590 1336 43497
438 43497 580 1336 42741
439 42741 570 1336 41976
440 41976 560 1336 41200
441 41200 549 1336 40413
442 40413 539 1336 39617
443 39617 528 1336 38809
444 38809 517 1336 37991
445 37991 507 1336 37162
446 37162 495 1336 36322
447 36322 484 1336 35470
448 35470 473 1336 34608
449 34608 461 1336 33733
450 33733 450 1336 32848
451 32848 438 1336 31950
452 31950 426 1336 31040
453 31040 414 1336 30118
454 30118 402 1336 29184
455 29184 389 1336 28238
456 28238 377 1336 27279
457 27279 364 1336 26307
458 26307 351 1336 25322
459 25322 338 1336 24324
460 24324 324 1336 23312
461 23312 311 1336 22288
462 22288 297 1336 21249
463 21249 283 1336 20197
464 20197 269 1336 19131
465 19131 255 1336 18050
466 18050 241 1336 16955
467 16955 226 1336 15845
468 15845 211 1336 14721
469 14721 196 1336 13582
470 13582 181 1336 12427
471 12427 166 1336 11257
472 11257 150 1336 10072
473 10072 134 1336 8870
474 8870 118 1336 7653
475 7653 102 1336 6419
476 6419 86 1336 5169
477 5169 69 1336 3902
478 3902 52 1336 2619
479 2619 35 1336 1318
480 1318 18 1336 0
Total 641111

jeff jeffy answered 3 years ago
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