Question: in problem 6, how and why did we get N=60? Problems 4-9 are based on the following information: You've just took a 20-year $300,000 mortgage

in problem 6, how and why did we get N=60? Problems 4-9in problem 6, how and why did we get N=60?

Problems 4-9 are based on the following information: You've just took a 20-year $300,000 mortgage with monthly interest rate of 0.3%. Based on this information, you found that your monthly payments are $1,755.33 Problem 4: How much of your FIRST monthly payment will go toward the interest payment? 300000*0.003-$900 Problem 5: How much of your SECOND monthly payment will go toward the interest payment? (300000+900-1755.33)*0.003-$897.43 Problem 6: What will be your mortgage balance in 15 years (right after you make your 180 payment)? 1-03; N-60; PMT-1755.33; CPT PV. Find PV-96253.34

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!