After several years, you've paid down your mortgage to $25,000. The annual interest rate is 3.85% (compound monthly). Your regular minimum payment is $481.00. If you keep making minimum payments, it'll take 4 years and 9 months to pay it off. You would like to pay it off sooner. You decide to instead pay $1,000/month. How many months will it take you to finish paying off your mortgage? Round to the nearest whole number.

Answer rating: 100% (QA)

Assuming the interest rate remains constant we can use the formula for the future value of an annu... View the full answer