Business, 08.12.2020 16:40 wowihavefun
After 10 years of regular monthly payments on a 25-year amortized loan for $245,000 at 3.125% interest compounded monthly, how much equity do they have in the house, assuming a $20,000 down-payment (on a $265,000 home)
Answers: 3
![\to p \times \frac{r}{n} \times [\frac{(1+\frac{r}{n})^{nt}}{(1+\frac{r}{n})^{nt} -1}]](/tpl/images/0960/7103/c25de.png)
![= 245,000 \times \frac{0.03125}{12} \times [\frac{(1+\frac{0.03125}{12})^{12 \times 25}}{(1+\frac{0.03125}{12})^{12 \times 25} -1}]\\\\= \$ 1177.81\\\\](/tpl/images/0960/7103/80fa6.png)
![\to 245,000 \times (1+ \frac{0.03125}{12})^{10\times 12} - 1177.81 [\frac{(1+\frac{0.03125}{12})^{10\times 12} - 1}{ \frac{0.03125}{12}}]\\\\\to \$ 334739.43 - \$ 165,662.30\\\\\to \$ 169077.13](/tpl/images/0960/7103/e28f9.png)
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After 10 years of regular monthly payments on a 25-year amortized loan for $245,000 at 3.125% intere...
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