SOLUTION: Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 4.86% compounded monthly.Fi

Question 1201416: Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20% down payment and financing the remaining balance with a 30-year mortgage at 4.86% compounded monthly.Find the balance of the loan after 16 years and after 17 years?Find the total amount of interest paid by the couple during the 17th year.

Answer by ikleyn(52754) (Show Source): You can put this solution on YOUR website!
.

Find standard formulas for it in any textbook in finance.

Why do you neglect such simple way to increase the level of your knowledge ?

It would seem that this is the first step you should do when studying this subject, isn't it ?

RELATED QUESTIONS
Fifteen years ago a couple purchased a house for $150,000.00 by paying a 20 % down... (answered by Theo)

Fifteen years ago a couple purchased a house for $180000 by paying a 20 % down payment... (answered by saradeitz8324)

Fifteen years ago a couple purchased a house for by paying a 20% down payment and... (answered by math_tutor2020)

Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment,... (answered by ikleyn,math_tutor2020)

Jenelle bought a home for $470,000, paying 20% as a down payment, and financing the rest... (answered by Boreal)

Roberto bought a $230,000 house, paying 20% down, and financing the rest at 4% interest... (answered by ankor@dixie-net.com,Theo)

you bought a house for $160,000. paying 10% down and financing the rest at 8% interest... (answered by rfer)

Suppose that 10 years ago you bought a home for $110,000, paying 10% as a down payment,... (answered by Theo)

Kim's Mother Bought A House For 2 000 000 And Made A Down Payment Of 20%. What Was The... (answered by mananth)