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# Screen Shot 2019-03-24 at 9.52.36 PM.png - The mortgage...

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Unformatted text preview: The mortgage balance at the end of 270 months will be calculated using the below mentioned equation. JI . r ME, = M30 (1+n) —#(1+i) {I +1') —] MBT—r Balance ol the mortgage at the end oi 1 periods. MBo—p Mortgage balance (opening) i—p Monthly mortgage rate n—p Number ol periods In the present case I is 270 months, opening mortgage balance is \$100,000 and the interest rate is 0.003333. Inserting the values in the above equation the value ol closing balance ol mortgage is calculated as shown below. MB -\$100 000[(l.008333}m {1008333370} 270 — , — (1308333)” —1 9.3933 ] [8.832899 =\$55,409.so =\$100,'DDD|: The value of closing mortgage at the end of 270 months will be \$55,409.50. ...
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• Fall '17
• musab kurnaz
• present case

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