Question

(Determining the outstanding balance of a​ loan) Ten years ago you took out a $ 250,000​, 20​-year mortgage with an annual interest rate of 12 percent and monthly payments of ​$2,752.72. What is the outstanding balance on your current loan if you just make the 120th ​payment?

Answer 1

	Beginning Balance	Interest	Principal	Ending Balance
1	$250,000.00	$2,500.00	$252.72	$249,747.28
2	$249,747.28	$2,497.47	$255.25	$249,492.04
3	$249,492.04	$2,494.92	$257.80	$249,234.25
4	$249,234.25	$2,492.34	$260.38	$248,973.87
5	$248,973.87	$2,489.74	$262.98	$248,710.90
6	$248,710.90	$2,487.11	$265.61	$248,445.29
7	$248,445.29	$2,484.45	$268.27	$248,177.03
8	$248,177.03	$2,481.77	$270.95	$247,906.08
9	$247,906.08	$2,479.06	$273.66	$247,632.43
10	$247,632.43	$2,476.32	$276.40	$247,356.04
11	$247,356.04	$2,473.56	$279.16	$247,076.88
12	$247,076.88	$2,470.77	$281.95	$246,794.94
year 1 end
13	$246,794.94	$2,467.95	$284.77	$246,510.17
14	$246,510.17	$2,465.10	$287.62	$246,222.56
15	$246,222.56	$2,462.23	$290.49	$245,932.07
16	$245,932.07	$2,459.32	$293.40	$245,638.67
17	$245,638.67	$2,456.39	$296.33	$245,342.34
18	$245,342.34	$2,453.42	$299.30	$245,043.05
19	$245,043.05	$2,450.43	$302.29	$244,740.77
20	$244,740.77	$2,447.41	$305.31	$244,435.46
21	$244,435.46	$2,444.35	$308.37	$244,127.10
22	$244,127.10	$2,441.27	$311.45	$243,815.65
23	$243,815.65	$2,438.16	$314.56	$243,501.10
24	$243,501.10	$2,435.01	$317.71	$243,183.39
year 2 end
25	$243,183.39	$2,431.83	$320.89	$242,862.51
26	$242,862.51	$2,428.63	$324.09	$242,538.42
27	$242,538.42	$2,425.38	$327.34	$242,211.09
28	$242,211.09	$2,422.11	$330.61	$241,880.48
29	$241,880.48	$2,418.80	$333.92	$241,546.57
30	$241,546.57	$2,415.47	$337.25	$241,209.32
31	$241,209.32	$2,412.09	$340.63	$240,868.70
32	$240,868.70	$2,408.69	$344.03	$240,524.67
33	$240,524.67	$2,405.25	$347.47	$240,177.21
34	$240,177.21	$2,401.77	$350.95	$239,826.26
35	$239,826.26	$2,398.26	$354.46	$239,471.81
36	$239,471.81	$2,394.72	$358.00	$239,113.81
year 3 end
37	$239,113.81	$2,391.14	$361.58	$238,752.24
38	$238,752.24	$2,387.52	$365.20	$238,387.04
39	$238,387.04	$2,383.87	$368.85	$238,018.20
40	$238,018.20	$2,380.18	$372.54	$237,645.66
41	$237,645.66	$2,376.46	$376.26	$237,269.41
42	$237,269.41	$2,372.69	$380.03	$236,889.38
43	$236,889.38	$2,368.89	$383.83	$236,505.56
44	$236,505.56	$2,365.06	$387.66	$236,117.90
45	$236,117.90	$2,361.18	$391.54	$235,726.37
46	$235,726.37	$2,357.26	$395.46	$235,330.91
47	$235,330.91	$2,353.31	$399.41	$234,931.51
48	$234,931.51	$2,349.32	$403.40	$234,528.11
year 4 end
49	$234,528.11	$2,345.28	$407.44	$234,120.67
50	$234,120.67	$2,341.21	$411.51	$233,709.17
51	$233,709.17	$2,337.09	$415.63	$233,293.54
52	$233,293.54	$2,332.94	$419.78	$232,873.76
53	$232,873.76	$2,328.74	$423.98	$232,449.78
54	$232,449.78	$2,324.50	$428.22	$232,021.57
55	$232,021.57	$2,320.22	$432.50	$231,589.07
56	$231,589.07	$2,315.89	$436.83	$231,152.24
57	$231,152.24	$2,311.52	$441.20	$230,711.05
58	$230,711.05	$2,307.11	$445.61	$230,265.44
59	$230,265.44	$2,302.65	$450.07	$229,815.38
60	$229,815.38	$2,298.15	$454.57	$229,360.82
year 5 end
61	$229,360.82	$2,293.61	$459.11	$228,901.71
62	$228,901.71	$2,289.02	$463.70	$228,438.02
63	$228,438.02	$2,284.38	$468.34	$227,969.68
64	$227,969.68	$2,279.70	$473.02	$227,496.66
65	$227,496.66	$2,274.97	$477.75	$227,018.91
66	$227,018.91	$2,270.19	$482.53	$226,536.39
67	$226,536.39	$2,265.36	$487.36	$226,049.04
68	$226,049.04	$2,260.49	$492.23	$225,556.81
69	$225,556.81	$2,255.57	$497.15	$225,059.66
70	$225,059.66	$2,250.60	$502.12	$224,557.55
71	$224,557.55	$2,245.58	$507.14	$224,050.41
72	$224,050.41	$2,240.50	$512.22	$223,538.19
year 6 end
73	$223,538.19	$2,235.38	$517.34	$223,020.86
74	$223,020.86	$2,230.21	$522.51	$222,498.35
75	$222,498.35	$2,224.98	$527.74	$221,970.62
76	$221,970.62	$2,219.71	$533.01	$221,437.61
77	$221,437.61	$2,214.38	$538.34	$220,899.27
78	$220,899.27	$2,208.99	$543.73	$220,355.55
79	$220,355.55	$2,203.56	$549.16	$219,806.39
80	$219,806.39	$2,198.06	$554.66	$219,251.74
81	$219,251.74	$2,192.52	$560.20	$218,691.54
82	$218,691.54	$2,186.92	$565.80	$218,125.74
83	$218,125.74	$2,181.26	$571.46	$217,554.29
84	$217,554.29	$2,175.54	$577.18	$216,977.11
year 7 end
85	$216,977.11	$2,169.77	$582.95	$216,394.17
86	$216,394.17	$2,163.94	$588.78	$215,805.39
87	$215,805.39	$2,158.05	$594.67	$215,210.73
88	$215,210.73	$2,152.11	$600.61	$214,610.13
89	$214,610.13	$2,146.10	$606.62	$214,003.51
90	$214,003.51	$2,140.04	$612.68	$213,390.83
91	$213,390.83	$2,133.91	$618.81	$212,772.02
92	$212,772.02	$2,127.72	$625.00	$212,147.03
93	$212,147.03	$2,121.47	$631.25	$211,515.78
94	$211,515.78	$2,115.16	$637.56	$210,878.23
95	$210,878.23	$2,108.78	$643.94	$210,234.29
96	$210,234.29	$2,102.34	$650.38	$209,583.92
year 8 end
97	$209,583.92	$2,095.84	$656.88	$208,927.04
98	$208,927.04	$2,089.27	$663.45	$208,263.60
99	$208,263.60	$2,082.64	$670.08	$207,593.52
100	$207,593.52	$2,075.94	$676.78	$206,916.74
101	$206,916.74	$2,069.17	$683.55	$206,233.19
102	$206,233.19	$2,062.33	$690.39	$205,542.81
103	$205,542.81	$2,055.43	$697.29	$204,845.52
104	$204,845.52	$2,048.46	$704.26	$204,141.26
105	$204,141.26	$2,041.41	$711.31	$203,429.96
106	$203,429.96	$2,034.30	$718.42	$202,711.54
107	$202,711.54	$2,027.12	$725.60	$201,985.94
108	$201,985.94	$2,019.86	$732.86	$201,253.09
year 9 end
109	$201,253.09	$2,012.53	$740.19	$200,512.90
110	$200,512.90	$2,005.13	$747.59	$199,765.32
111	$199,765.32	$1,997.65	$755.07	$199,010.25
112	$199,010.25	$1,990.10	$762.62	$198,247.64
113	$198,247.64	$1,982.48	$770.24	$197,477.40
114	$197,477.40	$1,974.77	$777.95	$196,699.46
115	$196,699.46	$1,966.99	$785.73	$195,913.74
116	$195,913.74	$1,959.14	$793.58	$195,120.16
117	$195,120.16	$1,951.20	$801.52	$194,318.65
118	$194,318.65	$1,943.19	$809.53	$193,509.12
119	$193,509.12	$1,935.09	$817.63	$192,691.50
120	$192,691.50	$1,926.91	$825.81	$191,865.70

Using amortisation table

Outstanding balance = 191865.70