SOLUTION: Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Twenty-year mortgage for $250,000 at 3.66%; remaining balance after 12 year

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Question 1088300: Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance.
Twenty-year mortgage for $250,000 at 3.66%; remaining balance after 12 years.
The monthly payment is?
The estimate remaining balance is?
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
P = L[r/n(1 + r/n)^nt]/[(1 + r/n)^n - 1]
P = 250000[0.0366/12(1 + 0.0366/12)^(12*20)]/[(1 + 0.0366/12)^12*20 - 1]
P = 250000(0.00305(2.0769))/1.0769
P = 250000*0.0058822 = 1470.55 is the monthly payment
The remaining balance after 12 years:
1) Remaining balance assuming after 12 years you are going to pay off the remainder of your debt, with no penalties?
2) Remaining balance with interest? In other words, how much more you have to pay if you continue with your monthly payments?
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[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.

Answer by MathTherapy(10557) About Me  (Show Source):
You can put this solution on YOUR website!

Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance.
Twenty-year mortgage for $250,000 at 3.66%; remaining balance after 12 years.
The monthly payment is?
The estimate remaining balance is?