you wish to purchase a real property. the lender will give you $145,000 fixed-rate, 30-year mortgage at 7.5%, 3 discount points, monthly payments. Suppose that, before you make any payments, you receive a pay raise so you can pay an extra $100 per month with your normal payment. How many payments are required to fully amortize the loan assuming the extra $100 is paid each month?

Answer rating: 100% (QA)

To determine the number of payments required to fully amortize the loan we need to calculate the mon... View the full answer