When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage. A. create an amortization schedule for a $200,000, thirty-year mortgage, with a 6% APR. B. After the fifth year, add an extra $100 to each monthly payment. When is the loan payed off?
When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage. A. create an amortization schedule for a $200,000, thirty-year mortgage, with a 6% APR. B. After the fifth year, add an extra $100 to each monthly payment. When is the loan payed off?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter5: Making Automobile And Housing Decisions
Section: Chapter Questions
Problem 7FPE
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When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage.
A. create an amortization schedule for a $200,000, thirty-year mortgage, with a 6% APR.
B. After the fifth year, add an extra $100 to each monthly payment. When is the loan payed off?
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