0.049 We now know that PMT = 604.71, 1 = and n-k= 156 and are ready to proceed to finding the 12 present value of the mortgage after 10 years. To calculate PV, substitute the known values into the formula, rounding the result to the nearest cent. PV = PMT 1-(1+1)-(n-k) -156 0.049 1- 1 + 12 = 604.71 0.049 12 X Thus, after 10 years on this 23-year mortgage, the outstanding principal is $