livia recently bought a house for $355,000 using a 10 year home loan with 4.25% interest rate. She used 15% of the amount towards the downpayment and took loan for the balance amount. How many months sooner she can payoff the entire loan if she decides to make an additional payment of $125 every month? Group of answer choices approximately 6 months approximately 9 months approximately 4 months approximately 13 months. Please answer fast i give you upvote.

livia recently bought a house for $355,000 using a 10 year home loan with 4.25% interest rate. She used 15% of the amount towards the downpayment and took loan for the balance amount. How many months sooner she can payoff the entire loan if she decides to make an additional payment of $125 every month? Group of answer choices approximately 6 months approximately 9 months approximately 4 months approximately 13 months. Please answer fast i give you upvote.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 27M

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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Olivia recently bought a house for $355,000 using a 10 year home loan with 4.25% interest rate. She used 15% of the amount towards the downpayment and took loan for the balance amount.
How many months sooner she can payoff the entire loan if she decides to make an additional payment of $125 every month? Group of answer choices approximately 6 months approximately 9 months approximately 4 months approximately 13 months.

Please answer fast i give you upvote.

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