You have decided to refinance your mortgage. you plan to borrow whatever is outstanding on your current mortgage. the current monthly payment is $ 3 comma 120 and you have made every payment on time. the original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. you have just made your monthly payment. the mortgage interest rate is 7.500 % (apr). how much do you owe on the mortgage today?

Mortgage liaiblity today: 424.092,31‬

Explanation:

We need to solve for mortage principal then;

how much do we amortize during four years and eight months old.

Last, decrease from the principal to know the current mortgage liability:

C3,120

time360 (30 years x 12 months per year)

rate0.00625

PV$446,214.9972

Interest at first period:

446,215 x 0.00625 = 2.788,84

Amortization at first period:

3120 - 2,788.84 = 331.16

Total Amount amortized: will be the future value of the annuity of this first depreication during the life of the mortgage

C331

time56

rate0.00625

Total Amortized:$22,122.6919

Mortgage liaiblity today:

446,215 - 22,122.69 = 424.092,31‬

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