tain to note the extra money is to reduce p ge of $170,000 at 5.5% for 23 years? (Do not round intermediate calculation

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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Word problem 18-17 (LU 18-1 (2)]
You can save a significant amount of mortgage interest paid if you make one edditional principel and interest pnyment a year This will
reduce a 30-year morngage by around 6 years. It also increases your equity in the home faster. f you choose to pay one additional
mortgage payment a year by paying 112 of it each month (make certain to note the extra money is to reduce principe), how much wll
you pay each month for a mortgage of $170,000 at 5.5% for 23 years? (Do not round intermediate calculations. Round your answer
to 2 decimel places.)
Monthly payment
Transcribed Image Text:Check Word problem 18-17 (LU 18-1 (2)] You can save a significant amount of mortgage interest paid if you make one edditional principel and interest pnyment a year This will reduce a 30-year morngage by around 6 years. It also increases your equity in the home faster. f you choose to pay one additional mortgage payment a year by paying 112 of it each month (make certain to note the extra money is to reduce principe), how much wll you pay each month for a mortgage of $170,000 at 5.5% for 23 years? (Do not round intermediate calculations. Round your answer to 2 decimel places.) Monthly payment
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