Alpha Geek

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    Polytechnic State University Sanluis
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Category > Accounting Posted 13 Jun 2017 My Price 3.00

If you pay an extra $300 each month on a mortgage

If you pay an extra $300 each month on a mortgage, how many months will it take to repay it? The original mortgage terms: Loan: $340,000 Interest rate (APR): 3.12% Loan time: 30 years (360 payments)

Answers

Alpha Geek
(8)
Status NEW Posted 13 Jun 2017 06:06 AM My Price 3.00

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file 1497337092-Answer.docx preview (65 words )
I-----------f y-----------ou -----------pay----------- an----------- ex-----------tra----------- $3-----------00 -----------eac-----------h m-----------ont-----------h o-----------n a----------- mo-----------rtg-----------age-----------, h-----------ow -----------man-----------y m-----------ont-----------hs -----------wil-----------l i-----------t t-----------ake----------- to----------- re-----------pay----------- it-----------? T-----------he -----------ori-----------gin-----------al -----------mor-----------tga-----------ge -----------ter-----------ms:----------- Lo-----------an:----------- $3-----------40,-----------000----------- In-----------ter-----------est----------- ra-----------te -----------(AP-----------R):----------- 3.-----------12%----------- Lo-----------an -----------tim-----------e: -----------30 -----------yea-----------rs -----------(36-----------0 p-----------aym-----------ent-----------s) ----------- An-----------swe-----------r -----------Giv-----------en,----------- PV----------- = -----------340-----------000----------- R -----------= 0-----------.03-----------12/-----------12 -----------= 0-----------.00-----------26 -----------N =----------- 30-----------*12----------- = -----------360----------- PM-----------T =----------- ? -----------Usi-----------ng -----------exc-----------el -----------fun-----------cti-----------on,----------- PM-----------T =----------- PM-----------T(R-----------,N,-----------PV)----------- PM-----------T(0-----------.00-----------26,-----------360-----------,-3-----------400-----------00)----------- = -----------145-----------5.5-----------5 M-----------ont-----------hly----------- pa-----------yme-----------nt -----------= $-----------145-----------5 -----------
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