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Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding.

a. What will your monthly payment be for this loan?

b. What will the balance on this loan be at the end of the 13th year?

c. How much interest will you pay in the 6th year of this loan?

d. How much of the 224th payment will consist of principal?

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Answer:

Consider the following calculations

Explanation:

  • PMT(Interest_Rate/Num_Pmt_Per_Year,Loan_Years*Num_Pmt_Per_Year,Loan_Amount)

  • Interest_Rate = 0.09

  • Num_Pmt_Per_Year = 12

  • Loan_Years = 30

  • Loan_Amount = 250,000

  • If you input these values on a financial calculator, PMT = 2011.56

  • Balance of the loan at the end of 13 years = 209798.54

  • Interest paid in the 6th year = 21464.51

  • 224th Payment Principal = 722.70

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