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iRoar Portal X e Sign In or Sig × Inbox (MO-1 M Your Chegg.cu D csePub-Elec × e Finance questi F lls Roy oe Di x y Donald J. Trur x G population of https://www.csepub.com/exercise/users answers/8297968/edit CSePub Home Book Store Independent Authors About Your Cart tems:Total: $99.99 View Cart A couple took out a $396,000.00 mortgage ten years ago. The arc nal terms called for 30 years of monthly payments at a 6.12% APR. The couple has made all payments over the last 10 years. Currenty, the couple is considering re-tinancing thelr mcrtgage The coup e has been offered a chance to re-finance their mortgage balance. The new mortgage will be for 30 years at the lower rate of 3.12% APR with monthly compounding. The mortgage will call for monthly payments. What is the current balance on their existing mortgage? Answer Format: Currency: Round to: 2 decimal places Enter Answer Here.. Submit Answer Prev Problem Al ProblemsNext Problem Contact Us Privacy Policy TeTIs Copyright 2018 Conley Smith Publishing. All Right reserved. GAS PM O Type here to search 9/26/2018 2Explanation / Answer
To find the current balance to the existing mortgage we will need to find the monthly payment
Monthly pament = PMT(rate,nper,pv) where rate = 0.0612/12, nper = 30*12 and pv = 396000
Monthly payment =PMT(0.0612/12,30*12,396000) = 2,404.86
Now, we construct the amortization table to calculate the balance after 10 years (120 months) as shown below:
Balance on existing mortgage = $332,451.40
Month Payment Interest Principal Outstanding 0 396000 1 $ 2,404.86 2019.6 $ 385.26 $ 3,95,614.74 2 $ 2,404.86 2017.635 $ 387.22 $ 3,95,227.52 3 $ 2,404.86 2015.66 $ 389.20 $ 3,94,838.32 4 $ 2,404.86 2013.675 $ 391.18 $ 3,94,447.14 5 $ 2,404.86 2011.68 $ 393.18 $ 3,94,053.96 6 $ 2,404.86 2009.675 $ 395.18 $ 3,93,658.78 7 $ 2,404.86 2007.66 $ 397.20 $ 3,93,261.58 8 $ 2,404.86 2005.634 $ 399.22 $ 3,92,862.36 9 $ 2,404.86 2003.598 $ 401.26 $ 3,92,461.10 10 $ 2,404.86 2001.552 $ 403.31 $ 3,92,057.80 11 $ 2,404.86 1999.495 $ 405.36 $ 3,91,652.43 12 $ 2,404.86 1997.427 $ 407.43 $ 3,91,245.00 13 $ 2,404.86 1995.35 $ 409.51 $ 3,90,835.49 14 $ 2,404.86 1993.261 $ 411.60 $ 3,90,423.90 15 $ 2,404.86 1991.162 $ 413.70 $ 3,90,010.20 16 $ 2,404.86 1989.052 $ 415.81 $ 3,89,594.40 17 $ 2,404.86 1986.931 $ 417.93 $ 3,89,176.47 18 $ 2,404.86 1984.8 $ 420.06 $ 3,88,756.41 19 $ 2,404.86 1982.658 $ 422.20 $ 3,88,334.21 20 $ 2,404.86 1980.504 $ 424.35 $ 3,87,909.86 21 $ 2,404.86 1978.34 $ 426.52 $ 3,87,483.34 22 $ 2,404.86 1976.165 $ 428.69 $ 3,87,054.65 23 $ 2,404.86 1973.979 $ 430.88 $ 3,86,623.77 24 $ 2,404.86 1971.781 $ 433.08 $ 3,86,190.70 25 $ 2,404.86 1969.573 $ 435.28 $ 3,85,755.41 26 $ 2,404.86 1967.353 $ 437.50 $ 3,85,317.91 27 $ 2,404.86 1965.121 $ 439.74 $ 3,84,878.17 28 $ 2,404.86 1962.879 $ 441.98 $ 3,84,436.19 29 $ 2,404.86 1960.625 $ 444.23 $ 3,83,991.96 30 $ 2,404.86 1958.359 $ 446.50 $ 3,83,545.46 31 $ 2,404.86 1956.082 $ 448.78 $ 3,83,096.68 32 $ 2,404.86 1953.793 $ 451.06 $ 3,82,645.62 33 $ 2,404.86 1951.493 $ 453.36 $ 3,82,192.26 34 $ 2,404.86 1949.181 $ 455.68 $ 3,81,736.58 35 $ 2,404.86 1946.857 $ 458.00 $ 3,81,278.58 36 $ 2,404.86 1944.521 $ 460.34 $ 3,80,818.24 37 $ 2,404.86 1942.173 $ 462.68 $ 3,80,355.56 38 $ 2,404.86 1939.813 $ 465.04 $ 3,79,890.51 39 $ 2,404.86 1937.442 $ 467.42 $ 3,79,423.10 40 $ 2,404.86 1935.058 $ 469.80 $ 3,78,953.30 41 $ 2,404.86 1932.662 $ 472.20 $ 3,78,481.10 42 $ 2,404.86 1930.254 $ 474.60 $ 3,78,006.50 43 $ 2,404.86 1927.833 $ 477.02 $ 3,77,529.47 44 $ 2,404.86 1925.4 $ 479.46 $ 3,77,050.02 45 $ 2,404.86 1922.955 $ 481.90 $ 3,76,568.11 46 $ 2,404.86 1920.497 $ 484.36 $ 3,76,083.75 47 $ 2,404.86 1918.027 $ 486.83 $ 3,75,596.92 48 $ 2,404.86 1915.544 $ 489.31 $ 3,75,107.61 49 $ 2,404.86 1913.049 $ 491.81 $ 3,74,615.80 50 $ 2,404.86 1910.541 $ 494.32 $ 3,74,121.48 51 $ 2,404.86 1908.02 $ 496.84 $ 3,73,624.65 52 $ 2,404.86 1905.486 $ 499.37 $ 3,73,125.27 53 $ 2,404.86 1902.939 $ 501.92 $ 3,72,623.36 54 $ 2,404.86 1900.379 $ 504.48 $ 3,72,118.88 55 $ 2,404.86 1897.806 $ 507.05 $ 3,71,611.83 56 $ 2,404.86 1895.22 $ 509.64 $ 3,71,102.19 57 $ 2,404.86 1892.621 $ 512.24 $ 3,70,589.95 58 $ 2,404.86 1890.009 $ 514.85 $ 3,70,075.10 59 $ 2,404.86 1887.383 $ 517.47 $ 3,69,557.63 60 $ 2,404.86 1884.744 $ 520.11 $ 3,69,037.52 61 $ 2,404.86 1882.091 $ 522.77 $ 3,68,514.75 62 $ 2,404.86 1879.425 $ 525.43 $ 3,67,989.32 63 $ 2,404.86 1876.746 $ 528.11 $ 3,67,461.21 64 $ 2,404.86 1874.052 $ 530.81 $ 3,66,930.40 65 $ 2,404.86 1871.345 $ 533.51 $ 3,66,396.89 66 $ 2,404.86 1868.624 $ 536.23 $ 3,65,860.66 67 $ 2,404.86 1865.889 $ 538.97 $ 3,65,321.69 68 $ 2,404.86 1863.141 $ 541.72 $ 3,64,779.97 69 $ 2,404.86 1860.378 $ 544.48 $ 3,64,235.49 70 $ 2,404.86 1857.601 $ 547.26 $ 3,63,688.23 71 $ 2,404.86 1854.81 $ 550.05 $ 3,63,138.19 72 $ 2,404.86 1852.005 $ 552.85 $ 3,62,585.33 73 $ 2,404.86 1849.185 $ 555.67 $ 3,62,029.66 74 $ 2,404.86 1846.351 $ 558.51 $ 3,61,471.16 75 $ 2,404.86 1843.503 $ 561.35 $ 3,60,909.80 76 $ 2,404.86 1840.64 $ 564.22 $ 3,60,345.58 77 $ 2,404.86 1837.762 $ 567.09 $ 3,59,778.49 78 $ 2,404.86 1834.87 $ 569.99 $ 3,59,208.50 79 $ 2,404.86 1831.963 $ 572.89 $ 3,58,635.61 80 $ 2,404.86 1829.042 $ 575.82 $ 3,58,059.79 81 $ 2,404.86 1826.105 $ 578.75 $ 3,57,481.04 82 $ 2,404.86 1823.153 $ 581.70 $ 3,56,899.33 83 $ 2,404.86 1820.187 $ 584.67 $ 3,56,314.66 84 $ 2,404.86 1817.205 $ 587.65 $ 3,55,727.01 85 $ 2,404.86 1814.208 $ 590.65 $ 3,55,136.36 86 $ 2,404.86 1811.195 $ 593.66 $ 3,54,542.70 87 $ 2,404.86 1808.168 $ 596.69 $ 3,53,946.01 88 $ 2,404.86 1805.125 $ 599.73 $ 3,53,346.28 89 $ 2,404.86 1802.066 $ 602.79 $ 3,52,743.49 90 $ 2,404.86 1798.992 $ 605.87 $ 3,52,137.62 91 $ 2,404.86 1795.902 $ 608.96 $ 3,51,528.66 92 $ 2,404.86 1792.796 $ 612.06 $ 3,50,916.60 93 $ 2,404.86 1789.675 $ 615.18 $ 3,50,301.42 94 $ 2,404.86 1786.537 $ 618.32 $ 3,49,683.10 95 $ 2,404.86 1783.384 $ 621.47 $ 3,49,061.63 96 $ 2,404.86 1780.214 $ 624.64 $ 3,48,436.98 97 $ 2,404.86 1777.029 $ 627.83 $ 3,47,809.15 98 $ 2,404.86 1773.827 $ 631.03 $ 3,47,178.12 99 $ 2,404.86 1770.608 $ 634.25 $ 3,46,543.87 100 $ 2,404.86 1767.374 $ 637.48 $ 3,45,906.39 101 $ 2,404.86 1764.123 $ 640.73 $ 3,45,265.66 102 $ 2,404.86 1760.855 $ 644.00 $ 3,44,621.65 103 $ 2,404.86 1757.57 $ 647.29 $ 3,43,974.37 104 $ 2,404.86 1754.269 $ 650.59 $ 3,43,323.78 105 $ 2,404.86 1750.951 $ 653.91 $ 3,42,669.87 106 $ 2,404.86 1747.616 $ 657.24 $ 3,42,012.63 107 $ 2,404.86 1744.264 $ 660.59 $ 3,41,352.04 108 $ 2,404.86 1740.895 $ 663.96 $ 3,40,688.08 109 $ 2,404.86 1737.509 $ 667.35 $ 3,40,020.73 110 $ 2,404.86 1734.106 $ 670.75 $ 3,39,349.98 111 $ 2,404.86 1730.685 $ 674.17 $ 3,38,675.80 112 $ 2,404.86 1727.247 $ 677.61 $ 3,37,998.19 113 $ 2,404.86 1723.791 $ 681.07 $ 3,37,317.12 114 $ 2,404.86 1720.317 $ 684.54 $ 3,36,632.58 115 $ 2,404.86 1716.826 $ 688.03 $ 3,35,944.55 116 $ 2,404.86 1713.317 $ 691.54 $ 3,35,253.01 117 $ 2,404.86 1709.79 $ 695.07 $ 3,34,557.95 118 $ 2,404.86 1706.246 $ 698.61 $ 3,33,859.33 119 $ 2,404.86 1702.683 $ 702.17 $ 3,33,157.16 120 $ 2,404.86 1699.102 $ 705.76 $ 3,32,451.40Related Questions
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