Our home loan, based on a rate of 3.24% APR compounded monthly, required 30 years of monthly payments of $1505/month. If we just made our 200th monthly payment, what is the balance due on the remainder of the loan? That is, what payment today to the bank would payoff the loan in full?
Our home loan, based on a rate of 3.24% APR compounded monthly, required 30 years of monthly payments of $1505/month. If we just made our 200th monthly payment, what is the balance due on the remainder of the loan? That is, what payment today to the bank would payoff the loan in full?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Our home loan, based on a rate of 3.24% APR compounded monthly, required 30 years of monthly payments of $1505/month. If we just made our 200th monthly payment, what is the balance due on the remainder of the loan? That is, what payment today to the bank would payoff the loan in full?
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