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A borrower has a 30-year, fully amortizing mortgage loan for $200,000 with an interest rate of 6% and monthly payments. If she wants to pay off the loan after 8 years, what would be the outstanding balance on the loan?

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hyderali230

Answer:

$174,959

Explanation:

Loan Payment per year = r ( PV ) / 1 - ( 1 + r )^-n

r = rate per period = 6% per year

n = number of Years= 30 years

PV =  Loan amount = $200,000

P = payment per year = ?

P = 6% ( $200,000 ) / 1 - ( 1 + 6% )^-30

P = $14,530 per month

After 8 year the loan balance will be $174,959.

The loan amortization is attached with this answer in MS Excel File Format, Please find it.

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