Suppose you take out a 30 year mortgage for $ 300000 at 3.75% interest. The monthly...
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Suppose you take out a 30 year mortgage for $ 300000 at 3.75% interest. The monthly payments on this loan are $ 1389.35. If you pay an extra 30% per month on your mortgage, how soon will you pay off the loan? New length in years = 19.58 How much will you save in interest by making the extra payments? Saving = | If you put $ 1389.35 per month into an annuity earning 4.75% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years? Extra savings= Suppose you take out a 30 year mortgage for $ 300000 at 3.75% interest. The monthly payments on this loan are $ 1389.35. If you pay an extra 30% per month on your mortgage, how soon will you pay off the loan? New length in years = 19.58 How much will you save in interest by making the extra payments? Saving = | If you put $ 1389.35 per month into an annuity earning 4.75% interest compounded monthly for the remaining time on your original loan, how much money will you have at the end of the original 30 years? Extra savings=
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