Let's assume you took out a $300,000, 30-year mortgage with an annualyou haveinterest rate of 8% and monthly payments of $2,201.29. Becausemade 15 years worth of payments (that's 180 monthly payments = [15 x12]) there are another 180 monthly payments left before your mortgagewill be totally paid off. How much do you still owe on your mortgage?

Considering the data, Monthly rate(r) =0.0812=0.006667n=180 payments remainingMonthly payments =$…

Answered: Let's assume you took out a $300,000,…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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