MATH SOLVE

5 months ago

Q:
# Find the unpaid balance on the debt. (Round your answer to the nearest cent.)After 6 years of monthly payments on $190,000 at 3% for 25 years.

Accepted Solution

A:

Answer:unpaid balance is $156439.86Step-by-step explanation:present value= $190000rate = 3% monthly = 3/12 = 0.25 % = 0.0025time = 25 year = 25 × 12 300to find outthe unpaid balance solutionfirst we calculate monthly payment payment = principal ( 1- (1+r)^(-t) /r )and we put all value here190000 = principal ( 1- (1+0.0025)^(-300) / 0.0025 )principal = 190000 / ( 1- (1+0.0025)^(-300) / 0.0025 )principal = 901so after 6 year unpaid is present value = principal ( 1- (1+r)^(-t) /r )put here principal 901 and rate 0.0025 and time 300 - (year )time = 300 - (6*12) = 300 - 96 = 228payment = 901 ( 1- (1+0.0025)^(-228) / 0.0025 )payment = 901 ( 713.63)so unpaid balance is $156439.86