If you pay an extra $75 per month in principle, how much LESS interest will you pay

Fantastic news! We've Found the answer you've been seeking!

Question:

If you pay an extra $75 per month in principle, how much LESS interest will you pay over the life of the following loan: Loan amount--$180,000; 30 years (monthly PMT); 7% annual rate of interest?

Posted Date: May 13, 2024 02:07 AM

See More Questions

For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
For a $160,000 loan at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan? b. For a $250,000 loan at 6% annual interest, with monthly...
You have been asked, as a consultant, by the chief compliance officer of a multi-facility health system to assist in evaluating the organizations current enterprise-wide coding compliance plan for...
Roger Company manufactures tennis clothing. During the month, the company cut and assembled 8,000 skirts. One hundred of the skirts did not meet specifications and were considered seconds. Seconds...
Provide and explain 3 factors affecting the percentage of food cost?
A hollow shaft for a rotary compressor is to be designed to transmit a maximum torque of 4750 N-m. The shear stress in the shaft is limited to 50 MPa. Determine the inside and outside diameters of...
In a 10 -in.-diameter duct the mass average velocity of water is $14 \mathrm{ft} / \mathrm{sec}$. (a) What is the average velocity if the diameter changes to 6 in.? (b) Express the average velocity...
Hydrogen flows through a horizontal insulated duct. At section 1, the enthalpy is $2400 \mathrm{Btu} / \mathrm{lbm}$, the density is $0.5 \mathrm{lbm} / \mathrm{ft}^{3}$, and the velocity is...
Carbon dioxide flows in a horizontal duct at 7 bar abs. and $300 \mathrm{~K}$ with a velocity of $10 \mathrm{~m} / \mathrm{s}$. At a downstream location the pressure is 3.5 bar abs. and the...
At a section where the diameter is $4 \mathrm{in}$., methane flows with a velocity of $50 \mathrm{ft} / \mathrm{sec}$ and a pressure of $85 \mathrm{psia}$. At a downstream section, where the...
Hydrogen expands isentropically from 15 bar absolute and $340 \mathrm{~K}$ to 3 bar absolute in a steady flow process without heat transfer. (a) Compute the final velocity if the initial velocity...

If you pay an extra $75 per month in principle, how much LESS interest will you pay

Question:

Expert Answer:

To calculate how much less interest you will pay over the life of the loan by paying an extra 75 per ... View the full answer

Students also viewed these finance questions