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A 25 year mortgage at 4.5% interest compounded monthly with a monthly payment of $258.96 has...

A 25 year mortgage at 4.5% interest compounded monthly with a monthly payment of $258.96 has an unpaid balance of $5,000 after 280 months. Find the unpaid balance after 281 months.

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Answer #1
Month Opening balance Interest Principal Payment Unpaid balance
281 $              5,000 5000*4.5%/12 258.96 less interest 5000 less principal payment
281 $              5,000 $          18.75 $                240.21 $                           4,759.79
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