Question
In: Finance
A homeowner takes a 15-year fixed-rate mortgage for $110,000 at 7.3 percent. After three years, the...
A homeowner takes a 15-year fixed-rate mortgage for $110,000 at 7.3 percent. After three years, the homeowner sells the house and pays off the remaining principal. How much is the principal payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Principal Payment: ________
Solutions
Expert Solution
Calculations-
| Here, | ||
| Fv is the future value of loan | ||
| rate is the periodic interest rate | ||
| nper is no. of periods | ||
| pmt is the periodic payments | ||
| Pv is the present value of loan | ||
| type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning. | ||
Please upvote if the ans is helpful.In case of doubt,do comment.thanks.
jeff jeffy answered 2 years agoRelated Solutions
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