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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 2 years ago
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