Respuesta :
Answer:
Monthly payment = $908.99
(A) $125,862.32
Step-by-step explanation:
Given:
Present value = $150,000
Duration, n = 30 years = 30 × 12 = 360 months
Interest = 6.1% compounded monthly
or
Monthly interest, r = [tex]\frac{\textup{6.1}}{\textup{12}}[/tex] = 0.5083%
Now,
Monthly payments can be calculated using the formula
[tex]\textup{Present value}=\textup{Monthy payment}\times(\frac{1-(1+r)^{-n}}{r})[/tex]
thus,
[tex]\$\textup{150,000}=\textup{Monthy payment}\times(\frac{1-(1+0.005083)^{-360}}{0.005083})[/tex]
or
Monthly payment = $908.99
(A) unpaid balance after 10 years will be equal to the payment made in 20 years starting from the end of 10th year
thus,
n = 20 × 12 = 240
Unpaid balance = [tex]\textup{Monthy payment}\times(\frac{1-(1+r)^{-n}}{r})[/tex]
or
Unpaid balance = [tex]\textup{908.99}\times(\frac{1-(1+0.005083)^{-240}}{0.005083})[/tex]
or
Unpaid balance after 10 years = $125,862.32
