A client has $400,000 in a mortgage (4% interest) (P&I), and pays $40,000 p.a. How long until he can pay off his mortgage? Can he pay it off in 10 years time? If by the end of the 10 years and he still hasn't paid it off, how much money would be left to pay?

Answer rating: 100% (QA)

To calculate the time it will take to pay off the mortgage we can use the formula for the pr... View the full answer