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Thread: Finding Principal, please help!

  1. #1

    Finding Principal, please help!

    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.

  2. #2
    Junior Member
    Join Date
    Apr 2014
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    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.

  3. #3
    Elite Member mmm4444bot's Avatar
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    Quote Originally Posted by aponi23 View Post

    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.
    Where are you stuck?

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

    Thanks!
    "English is the most ambiguous language in the world." ~ Yours Truly, 1969

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