omework 1 You can save a significant amount of mortgage interest paid if you make one additional principal and interest payment a year. This will reduce a 30-year mortgage by around 6 years. It also increases your equity in the home faster. If you choose to pay one additional mortgage payment a year by paying 1/12 of it each month (make certain to note the extra money is to reduce principal), how much will you pay each month for a mortgage of $166,000 at 3.50% for 19 years? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Monthly payment Che
omework 1 You can save a significant amount of mortgage interest paid if you make one additional principal and interest payment a year. This will reduce a 30-year mortgage by around 6 years. It also increases your equity in the home faster. If you choose to pay one additional mortgage payment a year by paying 1/12 of it each month (make certain to note the extra money is to reduce principal), how much will you pay each month for a mortgage of $166,000 at 3.50% for 19 years? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Monthly payment Che
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:omework 1
You can save a significant amount of mortgage interest paid if you make one additional principal and interest payment a year. This will
reduce a 30-year mortgage by around 6 years. It also increases your equity in the home faster. If you choose to pay one additional
mortgage payment a year by paying 1/12 of it each month (make certain to note the extra money is to reduce principal), how much will
you pay each month for a mortgage of $166,000 at 3.50% for 19 years?
Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Monthly payment
Che
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