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?

Essentials Of Investments
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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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Chapter1: Investments: Background And Issues
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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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