For a 30-year loan with a face value of $150,000, 5 percent annual interest, and monthly...

For a 30-year loan with a face value of $150,000, 5 percent

annual interest, and monthly payments, find the monthly

payment and remaining mortgage balance at the end of

years 5, 20, and 30

Solutions

Expert Solution

Remaining Mortgage balance at the end of

5years = $137,743.10

20years = $75,918.40

30Years = $0.

normal formula to calculate interest i.e. Opening balance*interest rate/12

Closing balance is net of Opening balance+Interest-Repayment.

jeff jeffy answered 1 year ago

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