Eight years ago you borrowed $142,000 at a fixed annual rate of 10.5 percent p. a. to buy a house. Your loan is a 30-year, monthly payment loan. Calculate the current payoff of the loan (immediately after the 112th payment) assuming that you did not make any additional payments for the first 112 payments
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![balance=Loan\times \dfrac{[(1+r)^n-(1 + r)^m]}{[(1+r)^n-1]}](/tpl/images/0552/6237/be4ed.png)
![balance=\$142,000\times \dfrac{[(1+(0.105/12))^{112}-(1 + (0.105/12))^{112}]}{[(1+(0.105/12))^{360}-1]}](/tpl/images/0552/6237/90977.png)
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Eight years ago you borrowed $142,000 at a fixed annual rate of 10.5 percent p. a. to buy a house. Y...
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