Question: 5-58Spreadsheet Problem When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage.

5-58Spreadsheet Problem When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage.

Create an amortization schedule for a $200,000, three-year mortgage, with a 6% APR.
After the fifth year, add an extra $100 to each monthly payment. When is the loan paid off?

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