A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of...
A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of 6% APR. After making 180 payments over fifteen years, how much of the mortgage do you still owe?
Homework Answers
Answer:
Outstanding amount (mortgage amount still owed) will be equal to PV of the remaining monthly installments.
Monthly installment = $1,199.10
Remaining period = 30 * 12 - 180 = 180 months
Monthly rate of interest =6%/12 = 0.5%
We will use PV function of excel to get the outstanding amount:
PV (rate, nper, pmt, fv, type)
PV (0.5%, 180, 1199.10, 0, 0)
= $142,097.56
Or $142,098
Amount of mortgage you still owe = $142,097.56 or $142,098
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