Seven years ago, Douglas purchased a $204,000 home with a 30-year

Mathematics

2 answers:

Stella [2.4K]3 years ago

8 0

Answer:

The new mortgage repayment is $10,580.69

Step-by-step explanation:

As at the time Douglas lost his job,he has already made repayments on the mortgage for a period of 7 years,by extending the repayment period by another 7 years,Douglas now have a period of repayment of 30 years now(30-7+7).

The new repayment yearly can be computed using the pmt formula in excel as given below:

=pmt(rate,nper,-pv,fv)

rate is the interest rate on mortgage given as 4.25%

nper is the period of repayment now 30 years

pv is the current of balance of $177,533.62

fv is the total amount repayable on the mortgage and it is not known hence taken as zero

=pmt(4.25%,30,-177533.62,0)=$10,580.69

katovenus [111]3 years ago

4 0

$873.36 APPPPEEEEEXXXX approved!

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