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(male narrator) So a couple purchases a home with a $180,000 mortgage at a 4% rate for 30 years with monthly payments. Uhwhat will the remaining balance in our mortgage be after 5 years? Now to answer this, were gonna have to do it in two parts. First thing were gonna have to do is figure out what are their monthly payments? Uhso for that, we know that our interest rate is 4%. We know were doing monthly payments, uhbased on a 30-year repayment schedule, uhwith an initial amount of $180,000, and were looking for d--our payment amount. So we pull out our loan formula, and we set it up. So 1 plus .04, divided by 12 to the negative 12, times 30 all over .04 over 12. Uhand since weve done a lot of these, Im gonna go ahead and skip, uha bunch of steps here. So I pull out my calculator, and I calculate all of that. It comes out to be about 209, uh562, uhand then divide by that gives me a payment of about $858.93. So the monthly payments on this loan will be $8
