You unexpectedly inherit $10,000 just after you have made the 72nd monthly payment on a 30-year mortgage
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You unexpectedly inherit $10,000 just after you have made the 72nd monthly payment on a 30-year mortgage of $60,000 at 8.2% compounded monthly. Discuss the relative merits of using the inheritance to reduce the principal of the loan or to buy a certificate of deposit paying 7% compounded monthly.
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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