Question: Robin buys a house valued $ 1,000,000 with a 20% deposit and the rest financed by a constant payment mortgage with a 2.4% annual interest

Robin buys a house valued $ 1,000,000 with a 20% deposit and the rest financed by a constant payment mortgage with a 2.4% annual interest rate. If Robins monthly income is $8000 after tax and half of his income is used to pay off the mortgage loan, when can Robin pay off the mortgage loan? If Robin wants to pay off the mortgage loan within 16 years, how much of his monthly income should go to mortgage?

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