document.write( "Question 1195627: You want to take out a $285,000 mortgage (home loan). The interest rate on the loan is 5%, and the loan is for 30 years. Your monthly payments are $1,529.94.
\n" ); document.write( "How much will still be owed after making payments for 15 years? $
\n" ); document.write( "How much will still be owed after making payments for 20 years? $
\n" ); document.write( "How much will still be owed after making payments for 25 years? $
\n" ); document.write( "Round your answers to the nearest dollar. \n" ); document.write( "
Algebra.Com's Answer #828285 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
the actual payment is 1529.941616, rounded to 6 decimal places.
\n" ); document.write( "i'll assume 1529.94 as stated in the problem statement.
\n" ); document.write( "it's close, but not exactly right.
\n" ); document.write( "you can use a formula to solve this, but i'll use a calculator.
\n" ); document.write( "keep in mind that the calculator uses the same formula that you would use manually.
\n" ); document.write( "if you need to know what the formula is, let me know and i'll supply it with some instruction on how to use it.
\n" ); document.write( "the procedure when using the calculator is:
\n" ); document.write( "the interest rate per month is 5% / 12 = .41666666...%.
\n" ); document.write( "the number of months of the original loan is 25 * 12 = 360.
\n" ); document.write( "after 15 years, the number of remaining months on the loan is 360 minus 15*12 = 180.
\n" ); document.write( "after 20 years, the number of remaining months on the loan is 360 minus 20*12 = 120.
\n" ); document.write( "after 25 years, the number of remaining months on the loan is 360 minus 25*12 = 60.
\n" ); document.write( "using the following online calculator, find the present value of each of these scenarios.
\n" ); document.write( "the present value is the amount still owed on the loan after those stated years.
\n" ); document.write( "the results of the calculator are shown below:
\n" ); document.write( "the first is the present value after 360 months.
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\n" ); document.write( "the second is the present value after 15 years.
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\n" ); document.write( "the third is the present value after 20 years.
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\n" ); document.write( "the fourth is the present value after 35 years.
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\n" ); document.write( "round those present values to the nearest dollar and they should be the answer you are looking for.
\n" ); document.write( "i also used excel to confirm these answers are correct.
\n" ); document.write( "these are the results from excel.
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\n" ); document.write( "any discrepancy between the answers from excel and the calculator can be attributed to internal rounding, either in the calculator or excel.
\n" ); document.write( "i can provide you with the formula to use, if you need to know that, with instructions on how to use it.
\n" ); document.write( "let me know is you have any questions.
\n" ); document.write( "theo \n" ); document.write( "
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