You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month. Now five years later, the rates remain at j2-4.2%, but you have now rented out your basement suite for $800 a month. If you add this to your monthly payment, how much earlier will you pay off your mortgage? Round down to the nearest month.
You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month. Now five years later, the rates remain at j2-4.2%, but you have now rented out your basement suite for $800 a month. If you add this to your monthly payment, how much earlier will you pay off your mortgage? Round down to the nearest month.
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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![You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month.
Now five years later, the rates remain at j2 - 4.2%, but you have now rented out
your basement suite for $800 a month. If you add this to your monthly payment,
how much earlier will you pay off your mortgage? Round down to the nearest month.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcf122687-0385-4b8a-a441-a501cb2a4ef3%2Fe0823141-2490-4e06-a02d-a63f39ce7d7d%2Fcmqqzdt_processed.png&w=3840&q=75)
Transcribed Image Text:You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month.
Now five years later, the rates remain at j2 - 4.2%, but you have now rented out
your basement suite for $800 a month. If you add this to your monthly payment,
how much earlier will you pay off your mortgage? Round down to the nearest month.
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