Annuity Question borrow, payment, house

Nishant1

New house - 110,000
Down payment 40,000

N = 30
i/y = 13

how much do you need to borrow to pay off the rest of the house (lump sum)

kamara5

BayStreet Wrote:
-------------------------------------------------------
> question 1. are you referring to the payment? if
> you need 70k more to finance the house you can
> just plug the numbers into your financial
> calculator to get the PMT that is paid each
> period.
>
> question 2:
>
> in your financial calculator
>
> FV=0 (loan paid off)
> PV = -47000 (outflow from bank)
> PMT = 700 (inflow to bank)
> i/y = 11/12 % = 0.917%
>
> solve for n. now n will be in months, divide by
> 12.
> n = 104.741 or 8.7 years.

Thanks bro. I'm a bit rusty as you can see.