what would be the principal ballon payment (that is excluding the fixed monthly payment) at the...
what would be the principal ballon payment (that is excluding the fixed monthly payment) at the end of 5 years on a $150,000 loan with monthly payments based on a 30-year term at 12 percent compounded monthly? the answer is 146,495 but i dont know how to get this answer.
Homework Answers
Monthly payment of loan pv =150000 r= 12%/12 =1% n =12*30 =360
PMT = Pv*r / 1-(1.01)^-360
150000*1% / 1-(1.01)^-360 = 1542.92
Baloon payment = pv*(1+r)^n - pmt*[1-(1+r)^n -1 / r]
150000*(1.01)^60 - 1542.92*[(1.01)^60 -1 / .01 ]
272504.505 - 126009.767 = 146494.738 = 146495
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