THIS WILL
CALCULATE: Your remaining balance or balloon payment
on an amortized loan.
EXAMPLE:
You borrow $80,000 and agree to pay it back in equal monthly payments
over 30 years at 8% interest, what is the balance of the loan at
the end of year 5?
Please
note: The result is a negative number
because it is a cash outlay. |
|
First
calculate the PAYMENT:
80000 |
![](../images/pv.jpg) |
|
![](../images/pmt.jpg) |
-587.01 |
Then
calculate the remaining balance:
5 |
![](../images/g.jpg) |
![](../images/n.jpg) |
![](../images/f.jpg) |
- 76,055.89 |
|