Finding Principal, please help!

A

aponi23

New member
Joined
Mar 21, 2014
Messages
5
How much principal is repaid in the 74th payment interval on a $142300 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 7.44% compounded monthly. ​
 
Solve for the monthly payment R.
Then calculate directly with R(1.0062)^(-(300-74+1))
Or you could torture yourself (while verifying) with the so called retrospective method.
You really ought to read your book.
 
aponi23 said:
How much principal is repaid in the 74th payment interval on a $142300 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 7.44% compounded monthly.
Click to expand...

Where are you stuck?

Also, please check out the forum guidelines; you can begin with this summary page.

Thanks! :cool:
 
You must log in or register to reply here.
Top