How many monthly payments remain to be paid on an 8% mortgage with a 30-year amortization and monthly payments of $733.76, when the balance reaches one-half of the $100,000 mortgage?
A) Approximately 268 payments
B) Approximately 180 payments
C) Approximately 91 payments
D)Approximately 68 payments

Question

Quizplus · Accepted Answer

PV = PMT [(1/r) - 1/r(1 + r)^t]$50,000 = $733.76{[1/(.08/12)] - 1/(.08/12) [1 + (.08/12)]^t}t ≈ 91

How Many Monthly Payments Remain to Be Paid on an 8