Question 1195564
the loan is 176,000
the interest rate per month is 6.2%/12 = .516666666.....%
the monthly payments are 1,077.95.
these payments are made at the end of each month.
after 20 years, the number of years remaining is 10.
the number of months remaining is 10 * 12 = 120.
the present value of 1077.95 at the end of each month for 120 months at the same interest rate is equal to 96,221.88.
round to the nearest dollar to get 96,222.
that's how much will still be owed after making payments for 20 years.
i used the calculator at <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>
these are the results from using that calculator.
<img src = "http://theo.x10hosting.com/2022/072101.jpg" >
let me know if you have any questions.
theo