36. Amortizing Loan. You take out a 30-year $100,000 mortgage loan with an APR of 6 percent and monthly paymen

by elycefeliz

Question by Jean: 36. Amortizing Loan. You take out a 30-year 0,000 mortgage loan with an APR of 6 percent and monthly paymen
36.Amortizing Loan. You take out a 30-year $ 100,000 mortgage loan with an APR of 6 percent and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan?

Best answer:

Answer by RolloverResistance
Use this amortization calculator. It may help.

http://math.about.com/library/blamort.htm?price=14257.96&dpayment=0&interest=.0599&time=3&startm=0&startyear=0&month=36&monthPay=433.69016721702866

This site tells you how to do this on a spreadsheet app.:

http://www.hughchou.org/calc/formula.html

Give your answer to this question below!