1) Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly...

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1) Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly payment is $2500. You pay $1250 extra every 3rd month (that is, month 3, 6, 9, . . .) .

What will be your total payments to pay-off the loan?

What was the total interest amount that you paid?

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Apr 18, 2024 05:04 AM

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1) Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly...

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Expert Answer:

To calculate the total payments to pay off the loan we can use an amortization schedule The loan amo... View the full answer

Microeconomics An Intuitive Approach with Calculus

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