1 answer

A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of...

Question:

A thirty year $200,000.00 mortgage has a monthly payment of $1,199.10 based on a rate of 6% APR. After making 180 payments over fifteen years, how much of the mortgage do you still owe?


Answers

Answer:

Outstanding amount (mortgage amount still owed) will be equal to PV of the remaining monthly installments.

Monthly installment = $1,199.10

Remaining period = 30 * 12 - 180 = 180 months

Monthly rate of interest =6%/12 = 0.5%

We will use PV function of excel to get the outstanding amount:

PV (rate, nper, pmt, fv, type)

PV (0.5%, 180, 1199.10, 0, 0)

= $142,097.56

Or $142,098

Amount of mortgage you still owe = $142,097.56 or $142,098

.

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