If you have a loan of 140,000 at 9% per annum interest over 20 years and you have a monthly repayment for the loan of 2260.65 per month. But after 6 years you increase how much you pay to 1500. You can pay off that loan in the following 131 months. How much is saved by increasing the payments?
If you have a loan of 140,000 at 9% per annum interest over 20 years and you have a monthly repayment for the loan of 2260.65 per month. But after 6 years you increase how much you pay to 1500. You can pay off that loan in the following 131 months. How much is saved by increasing the payments?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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If you have a loan of 140,000 at 9% per annum interest over 20 years and you have a monthly repayment for the loan of 2260.65 per month. But after 6 years you increase how much you pay to 1500. You can pay off that loan in the following 131 months. How much is saved by increasing the payments?
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