In Excel, You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 if your monthly payment is $1,909.66?
In Excel, You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 if your monthly payment is $1,909.66?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
Related questions
Question
In Excel, You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 if your monthly payment is $1,909.66?
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![EBK CONTEMPORARY FINANCIAL MANAGEMENT](https://www.bartleby.com/isbn_cover_images/9781337514835/9781337514835_smallCoverImage.jpg)
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT