Suppose you take out a 30-year mortgage for $ 275000 at 8.5% interest. The monthly payments on this loan are $ 2114.51. If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan? New length in years =  How much will you save in interest by making the extra payments? Saving =

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
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Suppose you take out a 30-year mortgage for $ 275000 at 8.5% interest. The monthly payments on this loan are $ 2114.51.

If you pay an extra 40% per month on your mortgage, how soon will you pay off the loan?
New length in years = 

How much will you save in interest by making the extra payments?
Saving = 

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