Assume a $270,000 fully amortizing mortgage loan, which accrues interest at a 7.5% interest rate, and...

Assume a $270,000 fully amortizing mortgage loan, which accrues interest at a 7.5% interest rate, and has a maturity of 25 years. Payments are monthly. What is the payoff of the loan in 12 years?

Expert Solution

We see that the payoff of the loan in 12 years is given as=FV(7.5%/12,12*12,PMT(7.5%/12,12*25,-270000),-270000)
=198461.7946677

jeff jeffy answered 2 years ago

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