Question: NEED ANSWER FOR QUESTION IN BOLD On January 1, 2003 Mike took out a 30-year mortgage loan in the amount of 200,000 at an annual

NEED ANSWER FOR QUESTION IN BOLD

On January 1, 2003 Mike took out a 30-year mortgage loan in the amount of 200,000 at an annual nominal interest rate of 6% compounded monthly. The loan was to be repaid by level end-of-month payments with the first payment on January 31, 2003. Mike repaid an extra 10,000 in addition to the regular monthly payment on each December 31 in the years 2003 through 2007.

Calculate the total Mike would pay if he just made the original 30 years of payments?

How much does he pay if he makes the extra $10000 payments at the ends of 2003 through 2007?

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