9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of a.
ID: 2699192 • Letter: 9
Question
9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of a. $255,413 with a payment of 1,321.33 with 8 years remaining? b. $530,493 with a payment of 3,180.57 with 12 years remaining? c. $297,266 with a payment of 1,782.26 with 11 years remaining? 9. Mortgages (Hint: P/Y=12). What is the payoff on a 30 year, 6% mortgage of a. $255,413 with a payment of 1,321.33 with 8 years remaining? b. $530,493 with a payment of 3,180.57 with 12 years remaining? c. $297,266 with a payment of 1,782.26 with 11 years remaining?Explanation / Answer
N264 I/YR =6 PV=255,413 PMT=1321.33 solve FV=231,234.31 N=144 I/YR=6 PV =530,493 PMT=-3180.57 FV=419,511.64 N=132 I/YR =6 PV297,266 PMT=1782.26 FV=242,127.57
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