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Consider a 30-year mortgage for $330,582 at an annual interest rate of 4.3%. What is the...

Consider a 30-year mortgage for $330,582 at an annual interest rate of 4.3%. What is the remaining balance after 8 years?

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Answer #1

Calculating Monthly Payment on Loan,

Using TVM Calculation,

PMT = [PV = 330,582, FV = 0, N = 360, I = 0.043/12]

PMT = $1,635.96

Calculating Loan Balance after 8 years,

Using TVM Calculation,

FV = [PV = 330,582, PMT = -1,635.96, N = 96, I = 0.043/12]

FV = $278,972.69

Loan Balance after 8 years = $278,972.69

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