Question 1194506
the down payment is equal to 7500.
the payments are 1000 at the end of each quarter (3 months is a quarter) for 12 * 4 = 48 quarters at 9%/4 = 2.25% per quarter.
the present value of that is equal to 29,169.55.
add the down payment of 7500 to get a cash value of the house equal to 36,669.55.
after the 10th payment, the remaining balance on the loan is equal to 25,362.99.
before the 10th payment, the remaining balance on the loan is equal to 26,362.99.
you can use the calculator at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a> to get these results.
first analysis is for 48 quarters shown below:
<img src = "http://theo.x10hosting.com/2022/062601.jpg" >
second analysis is for 38 quarters shown below:
<img src = "http://theo.x10hosting.com/2022/062602.jpg" >
after the 10th payment, there are 38 quarters left to pay.
the present value of the second analysis is the remaining balance after the 10th payment.
add 1000 to that to get the remaining balance before the 10th payment.
i also solved the problem using excel to get the end of quarter display of the remaining balance.
that is shown below.
<img src = "http://theo.x10hosting.com/2022/062603.jpg" >
<img src = "http://theo.x10hosting.com/2022/062604.jpg" >
let me know if you have any questions.
theo