document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1088300>Question 1088300</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. <BR>\n" );
document.write( "Twenty-year mortgage for $250,000 at 3.66%; remaining balance after 12 years. \r<BR>\n" );
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document.write( "The monthly payment is?<BR>\n" );
document.write( "The estimate remaining balance is? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #702656 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=702656\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P = L[r/n(1 + r/n)^nt]/[(1 + r/n)^n - 1]<BR>\n" );
document.write( "P = 250000[0.0366/12(1 + 0.0366/12)^(12*20)]/[(1 + 0.0366/12)^12*20 - 1] <BR>\n" );
document.write( "P = 250000(0.00305(2.0769))/1.0769<BR>\n" );
document.write( "P = 250000*0.0058822 = 1470.55 is the monthly payment<BR>\n" );
document.write( "The remaining balance after 12 years:<BR>\n" );
document.write( "1) Remaining balance assuming after 12 years you are going to pay off the remainder of your debt, with no penalties?<BR>\n" );
document.write( "2) Remaining balance with interest? In other words, how much more you have to pay if you continue with your monthly payments?<BR>\n" );
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document.write( "[1470.55(12*20)]-[1470.55(12*20)] amount you will pay from year 12 to year 20 if you continue with your monthly payments.\r<BR>\n" );
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