Mortgage Constant [2942]

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The amount of the mortgage is $100,000; the interest rate is 8%; and the term is 20 years. What is the annual debt service?

Column	Rate	Years	Amount	Factor	Value
6	8.0%	20	$100,000	0.101852	$10,185

Bonus question: What will the loan balance be after ten years if all payments are made on time?

Column	Rate	Years	Amount	Factor	Value
5	8.0%	10	$10,185	6.710081	$68,342