# Planit:Riba-Free Mortgage Exercise

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Revision as of 13:57, 28 August 2009 by ShawnBrayman (Talk | contribs)

## Solve for the following problem:

**Present and Future Values for a Mortgage**

You purchased a house seven years ago with a value of RM 200,000. You signed a contract with your bank to repay them a total amount of RM 250,000 over 20 years. You are making monthly, equal payments.

What is the current balance of the mortgage? $___________

**Check the accuracy of your calculations against the answer key.**