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After making payments of $899.10 for 8 years on your 30-year loan at 8.1%, you decide...

After making payments of $899.10 for 8 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)

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Answer #1

here payment is made up to 8 years and loan is 30 years

so remaining years t=30-8=22

PMT=899.1

r=8.1%=0.081

n=12 for a monthly payment

.............. loan payoff

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