Answer:
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:
[tex]C \times \frac{1-(1+r)^{-time} }{rate} = PV\\[/tex]
C 3,120
time 360 (30 years x 12 months per year)
rate 0.00625
[tex]3120 \times \frac{1-(1+0.00625)^{-360} }{0.00625} = PV\\[/tex]
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
[tex]C \times \frac{(1+r)^{time} -1}{rate} = FV\\[/tex]
C 331
time 56
rate 0.00625
[tex]331.16 \times \frac{(1+0.00625)^{56} -1}{0.00625} = FV\\[/tex]
Total Amortized: $22,122.6919
Mortgage liaiblity today:
446,215 - 22,122.69 = 424.092,31‬
