I have a 30-year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years I will sell my home and pay off the mortgage. What is the principal balance on the loan?
Note: For the following answer the abbreviations have the following meanings
PVIF= Present Value Interest Factor
PVIFA= Present Value Interest Factor for an Annuity
They can be read from tables or calculated using the following equations
PVIFA( n, r%)= =[1-1/(1+r%)^n]/r%
PVIF( n, r%)= =1/(1+r%)^n
I have a 30-year $100,000 mortgage loan ...
Calculates the principal balance on the loan.