The outstanding balance of the mortgage loan is $193,939.29.
A mortgage loan is a type of loan that enables an individual to purchase a home and are provided by either a mortgage lender or bank.
Present value of annuity = Annuity [1 - (1+interest rate/12)^-(12*time period)]/(rate/12)
Present value of annuity = $1449*[1-(1+0.07625/12)^-(12*25)]/(0.07625/12)
Present value of annuity = $1449*[1-(1+0.00635416667)^-(300)]/0.00635416667
Present value of annuity = $1449*[1-(1.00635416667)^-(300)]/0.00635416667
Present value of annuity = $1449*[1-0.149535834]/0.00635416667
Present value of annuity = $1449*133.843541
Present value of annuity = $193,939.29
In conclusion, the outstanding balance of the mortgage loan is $193,939.29.
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