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With monthly payments, we need a monthly rate:
6% / 12 = 0.5%. Next, solve for the monthly payment. The calculator keystrokes are:
PV = 200,000; FV = 0; N = 360; I/Y = 0.5; CPT -> PMT = -$1,199.10. The balance at any time on an amortizing loan is the present value of the remaining payments. There are 312 payments remaining after the 48th payment is made. The loan balance at this point is: PMT = -1,199.10; FV = 0; N = 312; I/Y = 0.5; CPT ->PV = 5189,228.90.