Finding calculation for Amortizing loan?

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I need assistance answering this question, please help.

You take out a 30- year $ 100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance of the loan?

Thank you,
va

5 Comments
  1. Reply
    Richie Rich
    January 25, 2011 at 3:00 am
  2. Reply
    Debra G
    January 25, 2011 at 3:36 am

    $ 61,785.76

  3. Reply
    ?
    January 25, 2011 at 4:11 am

    79079.44

  4. Reply
    bguste
    January 25, 2011 at 4:26 am

    To look at an amortization table and get answers to other questions regarding the mortgage process, go to the following site.

    http://www.mortgagemagnifier.com/tools/calculators.asp

    Your pay off in the 144th month would be $ 79,077.45

    Bernard Guste
    Advocate Lending Group
    Loan Officer

  5. Reply
    Rockman181
    January 25, 2011 at 5:17 am

    I wrote a little VB program to do this calculation:

    Private Sub Command1_Click()
    Dim Amt#, iRate#, Pr#, i#, j#
    On Error Resume Next

    Amt = Val(txtAmt.Text)
    iRate = Val(txtRate.Text)

    If iRate > 1 Then
    iRate = (iRate / 100)
    End If

    Pr = iRate / 12

    i = Val(txtI.Text)
    Paymt = Val(txtPmt.Text)
    For j = 1 To i
    Amt = Amt – (Paymt – (Amt * Pr))
    Next j

    Amt = Round(Amt, 3)
    lblAnswer.Caption = “$ ” & Amt

    End Sub

    The software can be downloaded, and used free for 5 days, if you want to run some scenarios. Most of the features are engineering related, however.

    If you paid the $ 599.55 payment for 12 years, your balance would be $ 79,079.55

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