Planit:Riba-Free Mortgage Exercise
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.