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Time Value of Money. I need help calculating the remaining balance after having made 5 years worth of payments. If you can please show all
Time Value of Money.
I need help calculating the remaining balance after having made 5 years worth of payments. If you can please show all work and include steps, names, etc. I just need to see how to work this sort of problem.
Home Price $699,000 Down Payment (20%) $139,800.0 Mortgage Amount $559,200.0 Loan Information Interest (APR) Monthly Rate: Period Payments per year Total Payments on loan 0.03 0.0025 1.0025 30 (years) 12 360 0.4070265 0.5929735 0.004216 $2,357.61 Monthly Payment: Part B) Remaining balance, once 5 years into mortgage payments
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