Question

Given the following information on a 30-year fixed-payment fully-amortizing loan, determine the remaining balance that the borrower has at the end of seven years. Interest Rate: 4%, Monthly Payment: $1,790.31. (Hint: Compute Loan Amount). Loan = $375,000.00 N =_________ I/Y = ___________ PV = _________________ PMT = _______________ FV = __________________ P/Y = __________

Answer 1

PMT=-1790.31, monthly rate=4%/12=0.33%, nper=30*12, Loan amount(PV)=?

Now, Loan amount is $375000.55 and below is the amortization schedule up to 7 year or 84 months:

Hence, at the end of seven year or 84th month the remaining balance on the loan is $322723.49