Calculate remaining balance, Financial Management

Assignment Help:

Your family purchased a house three years ago. When you bought the house you financed it with a $160,000 mortgage with an 8.5% nominal interest rate (compounded monthly). The mortgage was for 15 years (180 months). What is the remaining balance on your mortgage today?

With a financial calculator, enter the following:

PV = - $160,000,   N = 180 months,   I/Y = 8.5 / 12 months = .71 - 1 = 29%,   CPT PMT = $1,142.24 monthly payments

1 year = 12 months x 15 years = 180 payments

Subtract 3 years of payments (3 x 12 = 36 months)

180 total payments - 36 payments made = 144 payments remaining

144 x $1,142.24 = $164,482.56 remaining balance on mortgage today

 


Related Discussions:- Calculate remaining balance

Average collection period ratio, What is Average Collection Period Ratio? P...

What is Average Collection Period Ratio? Please provide me report on Average Collection Period Ratio.

Secondary market - t-bills, Secondary Market The major participants in ...

Secondary Market The major participants in secondary market are banks, brokerage firms and bond houses. They buy and sell T-bills on behalf of customers and themselves. The cus

Define where security returns are found less correlated, Security returns a...

Security returns are found to be less correlated across countries than within a country. Why can this be? Answer:  Security returns are less correlated possibly because countries

Explain about the market-based and bank-based systems, Explain about the ma...

Explain about the market-based and bank-based systems. A clear distinction between market-based in USA and UK and bank-based systems as in Germany, Japan and France define by s

Types of frns, Types of FRNs In an era of innovations, while changing n...

Types of FRNs In an era of innovations, while changing needs and preferences of the investors trigger introduction of newer FRNs, the borrowers' funding specifications also nec

Rate changes and duration estimate, To calculate duration, we need to...

To calculate duration, we need to first obtain the values for V - and V + where V - is the price when the yield decreases by certain number of basis points and V +

Securities exchange act, Securities Exchange Act of 1934 With this Act,...

Securities Exchange Act of 1934 With this Act, the Congress created the Securities and Exchange Commission. The Act empowers the SEC with broad authority over all aspects of th

Accounting for financial instruments, The IASB is in the procedure of under...

The IASB is in the procedure of undertaking a comprehensive review of accounting for financial instruments, and has issued a latest financial instruments standard referred to as IF

Decision-tree approaches, 1024x768 Normal 0 fals...

1024x768 Normal 0 false false false EN-IN X-NONE X-NONE

Contingency planning, Contingency Planning:   Once the events are eval...

Contingency Planning:   Once the events are evaluated and categorised, and the levels of risk attaching to them have established.  The organisation should then commence pla

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd