Calculate remaining balance, Financial Management

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

 

Posted Date: 2/22/2013 4:51:32 AM | Location : United States







Related Discussions:- Calculate remaining balance, Assignment Help, Ask Question on Calculate remaining balance, Get Answer, Expert's Help, Calculate remaining balance Discussions

Write discussion on Calculate remaining balance
Your posts are moderated
Related Questions

Conversion value is the amount which investors will receive by immediately exchanging the bonds for equity stock and selling the stock at prevailing market

(a) Presume we have a portfolio of n names with some default correlation ρ . The risk of the complete portfolio moves according to the change in default correlation. Alternative

This assignment is an analysis of a US publicly-traded company; its common stock could be a prospective investment.  The report is due in Week 10, in needs to be at least 5 pages,

There are fixed as well as floating rate asset-backed securities. A floating rate asset-backed security is one whose underlying pool consists of loans or receivab

Q. Objectives of Cash Management? (i) To sustain Optimum Cash Balance: - The major objective of cash management is to determine the optimum cash balance required in the busines

SCL Limited a highly profitable company is engaged in the manufacture of power intensive products.

Question 1: i) Activity Based Costing is better than the Traditional Product Costing. Discuss, by making use of empirical evidence ii) The replacement of cash-based accounti

Which formula would you use to solve for the payment required for a car loan if you know the interest rate, length of the loan, and the borrowed amount?  Explain. To answer for

Determine the term- Investment decision Investment decision is broadly concerned with asset-mix or composition of the assets of a firm. Concern of the financing decision is wit