Answer:
$174,959
Explanation:
Loan Payment per year = r ( PV ) / 1 - ( 1 + r )^-n
r = rate per period = 6% per year
n = number of Years= 30 years
PV = Loan amount = $200,000
P = payment per year = ?
P = 6% ( $200,000 ) / 1 - ( 1 + 6% )^-30
P = $14,530 per month
After 8 year the loan balance will be $174,959.
The loan amortization is attached with this answer in MS Excel File Format, Please find it.
