Loan Balance [2928]
Janice has a $100,000 mortgage for 10 years at 8% interest. She has paid on it for 6 years. What is the current balance on the mortgage? Use monthly tables.
Solution
Original Loan
$100,000
Given
Mortgage Constant
0.012133
From Column 6
Monthly Payment
$1,213.28
Loan x Mortgage Constant
PV of an Annuity
40.9619
From Column 5
Loan Balance
$49,698.10
Monthly Payment x PV of an Annuity from Column 5
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