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For a mortgage loan of $300,000, at 2.0 percent interest for 15 years and 12 monthly...

For a mortgage loan of $300,000, at 2.0 percent interest for 15 years and 12 monthly payments per year, find the balance at the end of 4 years and 10 years?

Solutions

Expert Solution

Mortgage Loan $             300,000
Interest rate 2.0%
Number of payments in a year 12
Term of the loan in years 15
Monthly payment $            1,930.53
Principal paid till year 4 $          71,424.68
Balance after 4 years $       228,575.32
Principal paid till year 10 $       189,858.94
Balance after 10 years $       110,141.06

Excel formulas:

jeff jeffy answered 3 years ago
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