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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 ago
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