Loan Balance [2927]
Janice has a $200,000 mortgage for 15 years at 7% interest. She has paid on it for 10 years. What is the current balance on the mortgage? Use monthly tables.
Solution
Original Loan
$200,000
Given
Mortgage Constant
0.008988
From Column 6
Monthly Payment
$1,797.66
Loan x Mortgage Constant
PV of an Annuity
50.5020
From Column 5
Loan Balance
$90,785.24
Monthly Payment x PV of an Annuity from Column 5
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