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.
<pre>For a mortgage loan of $285,000, these are your correct answers: {{{highlight_green(matrix(3,6, Remaining, balance, after, 10, "years:", "$226,040.57", Remaining, balance, after, 15, "years:", "$185,888.54", Remaining, balance, after, 25, "years:", "$75,306.99"))}}}.

I amortized the loan, but you can find your balance at any time, using the following formula: {{{highlight(highlight_green(highlight_green(highlight(matrix(1,3, B[L], "=", PV[oa] * ((1 + i/m)^(mt) - (1 + i/m)^p)/((1 + i/m)^(mt) - 1))))))}}}
where: BL =	Balance on Loan
       PV<sub>oa</sub> =	Original LOAN amount or Principal, or Present Value amount
       p =	Number of Payments made during the period
       i =	Interest Rate, per annum
       m = 	Compounding periods, per year
       t = 	Time, in years
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!! 
How can a person borrow $285,000 and 10 years after, will owe over $300,000?