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Time Value of Money Calculations
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Time Value of Money Calculations
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5. The total remaining after 12 years was $135,146.44. The interest rate is 6.6% and the loan was originally for 30 years. This implies that the principle was not too far from the remaining after 12 years. The monthly payments are unknown at this time, so they must be calculated. The formula is
Pmt = P * ((r/12) / (1 ((1 + (r/12))^-t)))
However, without knowing the principle, there are two unknown variables in this equation. The only known value in the repayment schedule is that after month 144, P = $135,146.44. This can therefore be solved, because of the relationship between the original principle at the monthly payment. The original principle was therefore $167,660 and the monthly payments were $1070.77
This makes sense because the P after 12 years (40% of the loan time) was still 80% of the loans original value. The principle payments are small at the beginning of the loan relative to the interest payments......
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