Question

Exactly 8 years ago, Sam bought a house which required him to take out a loan of $375,000. The loan had a life of 30 years with required monthly payments and the nominal annual interest rate on the loan was 6.45%. Assuming that Sam added $250 to all of the required monthly payments, what is the current (immediately after he made his 96th payment of required amount plus $250) payoff on Sam’s loan?

Answer #1

Required monthly payments = $2357.94

Payments he made = $250 + $2357.94 = $2607.94

Future value of $2607.94 each month immediately after 96th payment
=

Future value of $375000 immediately after 96th payment =

current (immediately after he made his 96th payment of required
amount plus $250) payoff on Sam’s loan =

= $627374.8602 - $326538.1671 = **$300,836.6931**

Please do rate me and mention doubts, if any, in the comments section.

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