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

Advantages and disadvantages of internal rate of return, What are the advan...

What are the advantages and disadvantages of the internal rate of return method? The internal rate of return process is a discounted cash flow method and a number expressed as

Define the replacement value of assets method, Why is the replacement value...

Why is the replacement value of assets method not usually used to value complete businesses? The replacement value of assets process is not often applied to complete business v

Explain financial management in brief, Q. Explain Financial Management in b...

Q. Explain Financial Management in brief? In the management of business firms, there are various well known functional areas such as Production Management, Materials Management

Show objections against profit maximization, Q. Show objections against pro...

Q. Show objections against profit maximization? 1) Profit cannot be ascertained well in advance to express the. Probability of return as future is Uncertain. It is not at all p

Operating cycle, Define operating cycle and long and short operating cycle?...

Define operating cycle and long and short operating cycle? Use of operating cycle? Can someone give me assistance on these questions??

Calculate the total cashflows, Calculate the Total Cashflows from 2007 - 20...

Calculate the Total Cashflows from 2007 - 2011.  Suppose that the company will require to increase their annual investment in fixed assets (representing new equipment) at the simil

Difference among currency forward market and futures market, Explain the ba...

Explain the basic differences between the operation of a currency forward market and a futures market. Answer:  The forward market is an OTC market in which the forward contract

Credit enhancement of asset-backed security, Credit enhancement of an...

Credit enhancement of an asset-backed security implies the existence of support for one or more of the bondholders in the structure. Credit enhancement levels var

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