Question
In: Finance
A family has a $ 144447 , 20 -year mortgage at 6.6 % compounded monthly. Find...
A family has a $ 144447 , 20 -year mortgage at 6.6 % compounded monthly. Find the monthly payment. Also find the unpaid balance after 5 years and after 10 years.
Solutions
Expert Solution
We can compute the monthly payments and unpaid balances using Excel functions as per formulae in the image.
1: Monthly payment = 1085.48
2:
| Principal paid in 5 years | -20620.69832 |
Balance remaining = 144447-20620.70 = 123826.30
3:
| Principal paid in 10 years | -49277.50965 |
Balance remaining = 95169.49
WORKINGS
jeff jeffy answered 1 year agoRelated Solutions
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