document.write( "Question 884499: Your friend has a current balance of $150,000 on a $185,000 loan at 6.0% interest for 30 years. The monthly P&I is $1,109.17. What will be the mortgage balance after the next payment? \n" ); document.write( "
Algebra.Com's Answer #534361 by Theo(13342)\"\" \"About 
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it depends on if payment is made at the end of the month or at the beginning of the month.
\n" ); document.write( "most loan payments are made at the end of the month.
\n" ); document.write( "interest is charged for the month and added to the balance and then the payment is subtracted from that new balance.\r
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\n" ); document.write( "\n" ); document.write( "at the beginning of the month the current balance is 150,000
\n" ); document.write( "interest for the month will be .005 * 150,000 which will be equal to 750.
\n" ); document.write( "add the interest charges for the month and then subtract the monthly payment and you will get a new balance of 150,000 + 750 - 1109.17 = 149640.83 at the end of the month.\r
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\n" ); document.write( "\n" ); document.write( "the end of the current month is considered to be the same time point as the beginning of the next month.\r
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\n" ); document.write( "\n" ); document.write( ".005 interest is calculated by taking .06 annual interest and dividing it by 12.\r
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