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Answer:
<u>Mortgage liaiblity today: </u>424.092,31
Explanation:
We need to solve for mortage principal then;
how much do we amortize during four years and eight months old.
Last, decrease from the principal to know the current mortgage liability:
C 3,120
time 360 (30 years x 12 months per year)
rate 0.00625
PV $446,214.9972
Interest at first period:
446,215 x 0.00625 = 2.788,84
<u>Amortization at first period:</u>
3120 - 2,788.84 = 331.16
<u>Total Amount amortized:</u> will be the future value of the annuity of this first depreication during the life of the mortgage
C 331
time 56
rate 0.00625
Total Amortized: $22,122.6919
<u>Mortgage liaiblity today:</u>
446,215 - 22,122.69 = 424.092,31