Question

How much principal would you pay during the 8th year of a 30-year, $580,000 loan at 3.65% APR with monthly payments, assuming you made only the minimum monthly payments?

Answer 1

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Answer:

LOAN	580000
YEARS	30
APR	3.65%
MONTHLY RATE	0.30%
NO. OF MONTHS	360.00
PMT	£2,653.27
LOAN BALANCE AFTER 7 YEARS
NO OF MONTHS LEFT	276	360 - 84
LOAN BALANCE	£495,053.86
LOAN BALANCE AFTER 8 YEARS
MONTHS LEFT	264	360-96
LOAN BALANCE	£481,051.44
PRINCIPAL PAID	14,002.43

LOAN	580000
YEARS	30
APR	0.0365
MONTHLY RATE	=F68/12
NO. OF MONTHS	360
PMT	=PMT(F69,F70,-F66)
LOAN BALANCE AFTER 7 YEARS
NO OF MONTHS LEFT	=360-84	360 - 84
LOAN BALANCE	=PV(F69,F75,-F72)
LOAN BALANCE AFTER 8 YEARS
MONTHS LEFT	264	360-96
LOAN BALANCE	=PV(F69,F79,-F72)
PRINCIPAL PAID	=F76-F80