This "Future value" is the price you will sell the house for after you've owned it for ten years. Now you will answer the question of whether or not you have made or lost money with this investment. You will need several pieces of information to answer the question. You will need the amount of your down payment (from Part���� 1), the amount you paid toward the mortgage over ten years (your monthly payment from Question 1 times the number of payments), and finally, the amount of principal you still owe on the mortgage.Down payment=$Down payment=$ CorrectMortgage paid over 10 years=$Mortgage paid over 10 years=$ CorrectTo find the principal balance on the mortgage, you will use the Loan Formula: (In this formula, d= is the monthly payment ($1312.64) and r= is the annual interest rate expressed as a decimal from Part I (0.0625) , so r=; k=12=12, and N is the number of years remaining on the loan. (20)Principal balance on mortgage after 10 years= ?
This "Future value" is the price you will sell the house for after you've owned it for ten years. Now you will answer the question of whether or not you have made or lost money with this investment. You will need several pieces of information to answer the question. You will need the amount of your down payment (from Part���� 1), the amount you paid toward the mortgage over ten years (your monthly payment from Question 1 times the number of payments), and finally, the amount of principal you still owe on the mortgage.
Down payment=$Down payment=$ Correct
Mortgage paid over 10 years=$Mortgage paid over 10 years=$ Correct
To find the principal balance on the mortgage, you will use the Loan Formula:
(In this formula, d= is the monthly payment ($1312.64) and r= is the annual interest rate expressed as a decimal from Part I (0.0625) , so r=; k=12=12, and N is the number of years remaining on the loan. (20)
Principal balance on mortgage after 10 years= ?
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