Understanding Mortgage Payments

This video tutorial explains how to calculate the future value of a mortgage using the TI-84 calculator. It covers the setup of mortgage terms, including the loan amount, interest rate, and payment schedule. The tutorial demonstrates how to determine the remaining balance after making payments for 5, 20, and 28 years, highlighting the use of the TVM solver on the calculator. The video emphasizes understanding the impact of interest and payment duration on the loan balance.

What is the initial loan amount taken out for the mortgage?

• $295,000

• $300,000

• $275,000

• $250,000

What is the annual interest rate on the mortgage?

• 5.5%

• 6.0%

• 4.5%

• 5.2%

How many monthly payments are made in the first 5 years?

• 50

• 72

• 48

• 60

After 5 years of payments, how much is still owed on the mortgage?

• $271,653.83

• $295,000.00

• $250,000.00

• $300,000.00

What is the number of months in 20 years for the mortgage calculation?

• 220

• 240

• 200

• 180

How much is still owed after making payments for 20 years?

• $151,324.40

• $200,000.00

• $175,000.00

• $100,000.00

How many months are there in 28 years for the mortgage calculation?

• 336

• 320

• 350

• 300

After 28 years of payments, what is the remaining balance on the mortgage?

• $50,000.00

• $36,845.85

• $40,000.00

• $25,000.00

What is the total duration of the mortgage loan?

• 30 years

• 35 years

• 25 years

• 20 years

What is the monthly payment amount for the mortgage?

• $1,619.88

• $1,500.00

• $1,700.00

• $1,600.00