A borrower has a 30-year, fully amortizing mortgage loan for $200,000 with an interest rate of 6% and monthly payments. If she wants to pay off the loan after 8 years, what would be the outstanding balance on the loan?

$174,959

Explanation:

Loan Payment per year = r ( PV ) / 1 - ( 1 + r )^-n

r = rate per period = 6% per year

n = number of Years= 30 years

PV =  Loan amount = $200,000

P = payment per year = ?

P = 6% ( $200,000 ) / 1 - ( 1 + 6% )^-30

P = $14,530 per month

After 8 year the loan balance will be $174,959.

The loan amortization is attached with this answer in MS Excel File Format, Please find it.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"