Answer to Question #294406 in Financial Math for LstDspr

Question

This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $126,323 left to pay on your loan. Your house is now valued at $200,000. How much of the original loan have you paid off?

Answer 1

Data is missing for original loan amount. Assume it is $150000.

So, paid off amount = 150000 - 126323 = $23677