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