Loan Balance [2926]
Janice has a $150,000 mortgage for 30 years at 6% interest. She has paid on it for 10 years. What is the current balance on the mortgage? Use monthly tables.
Solution
Original Loan
$150,000
Given
Mortgage Constant
0.007164
From Column 6
Monthly Payment
$1,074.65
Loan x Mortgage Constant
PV of an Annuity
102.4747
From Column 5
Loan Balance
$110,124.13
Monthly Payment x PV of an Annuity from Column 5
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