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    jalupinya's Avatar
    jalupinya Posts: 4, Reputation: 1
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    #1

    Oct 21, 2007, 05:21 AM
    Amortizing Loan.
    Amortizing Loan. You take out a 30-year $100,000 mortgage loan with an APR of 6 percent and monthly payments. In 12 years you decide to sell your house and pay off the mortgage.
    What is the principal balance on the loan?
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
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    #2

    Oct 21, 2007, 08:35 AM
    The principal balance should be $79,079.44.
    jalupinya's Avatar
    jalupinya Posts: 4, Reputation: 1
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    #3

    Oct 21, 2007, 01:37 PM
    Quote Originally Posted by Dr D
    The principal balance should be $79,079.44.
    Thank you
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
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    #4

    Oct 21, 2007, 06:39 PM
    From some of your other posts I noticed other questions related to amortization etc. If you are able, try to get a HP12C financial calculator. It has more functions than any human could ever want If you are unable to get one of those; try a Google search for amortization calculator. There are several web sites that can perform many calculations. Good luck.
    Fastfun1's Avatar
    Fastfun1 Posts: 80, Reputation: 11
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    #5

    Jan 26, 2008, 08:48 PM
    I'm a little late on this post, and may be beating a dead horse, but for those using a 12c or any other instrument, i.e. TE Real Estate Qualifier, you definitely want to make sure you understand the difference between annual interest rate and APR. Mortgages payments, and thus amoritizations, are calculated using annual interest rates, not APR. Furthermore, there are many amorization calculators online... If you do not work in finance, don't purchase one, the are not cheap do not function in any way like the free solar powered calculator you received for bring the 1,000,000 customer at Wal-Mart. I own 2, one for home and work. I prefer my Real Estate Qualifier. Its not as suave, but it easier to navigate takes like interest only payments, reverse mortgages, etc.
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