Suppose you took out a 20 year mortgage for $280,000 with an APR of 2.772%, but you want to pay it off 6 years early. Complete the table below and determine how much you save by paying off your mortgage early. (Simplify your answers and round to the nearest cent.) You would save Loan Amount is $280,000. Payment Amount Number of Payments Total Payments 20 Year Payoff by paying it off early. 1. 4. * 14 Year Payoff 4.
Suppose you took out a 20 year mortgage for $280,000 with an APR of 2.772%, but you want to pay it off 6 years early. Complete the table below and determine how much you save by paying off your mortgage early. (Simplify your answers and round to the nearest cent.) You would save Loan Amount is $280,000. Payment Amount Number of Payments Total Payments 20 Year Payoff by paying it off early. 1. 4. * 14 Year Payoff 4.
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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Q.23.
Transcribed Image Text:Suppose you took out a 20 year mortgage for $280,000 with an APR of 2.772%, but you want to pay it off 6
years early.
Complete the table below and determine how much you save by paying off your mortgage early. (Simplify
your answers and round to the nearest cent.)
You would save
Loan Amount is $280,000.
Payment Amount
Number of Payments
Total Payments
20 Year Payoff
by paying it off early.
1.
4.
*
14 Year Payoff
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