document.write( "Question 1133470: If I take out a home loan for 285,000 with a 4.2% interest rate and the loan is for 30 years with the monthly payments set at 1,393.70 how much would I owe after making payments for 10 years? 15 years? 25 years? Thank you. \n" ); document.write( "
Algebra.Com's Answer #750723 by MathTherapy(10555)\"\" \"About 
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If I take out a home loan for 285,000 with a 4.2% interest rate and the loan is for 30 years with the monthly payments set at 1,393.70 how much would I owe after making payments for 10 years? 15 years? 25 years? Thank you.
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For a mortgage loan of $285,000, these are your correct answers: .\r
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document.write( "I amortized the loan, but you can find your balance at any time, using the following formula: 
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document.write( "where: BL =	Balance on Loan
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document.write( "       PVoa =	Original LOAN amount or Principal, or Present Value amount
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document.write( "       p =	Number of Payments made during the period
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document.write( "       i =	Interest Rate, per annum
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document.write( "       m = 	Compounding periods, per year
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document.write( "       t = 	Time, in years
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document.write( "IGNORE all other RIDICULOUS, and NONSENSICAL answers, including one that states that you'll owe over $300,000 after paying the mortgage for 10 years! How RIDICULOUS!! 
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document.write( "How can a person borrow $285,000 and 10 years after, will owe over $300,000? \n" );
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