You have been making monthly payments towards your 25-year mortgage loan of $234,883.16. Your mortgage rate is

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

Question:

You have been making monthly payments towards your 25-year mortgage loan of $234,883.16. Your mortgage rate is 7%. Today, the 8th monthly payment is due. If you make an extra one time payment of $16,000 together with your 8th monthly payment.

How many more monthly payments do you need to make to pay off your loan?

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0134141084

11th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs

See More Books

Posted Date: Jul 03, 2023 02:56 AM

See More Questions

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
What role does the general ledger department play in the conversion cycle?
Continuation of Exercise 4-135. With an automated irrigation system, a plant grows to a height of 3.5 centimeters two weeks after germination. (a) What is the probability of obtaining a plant of this...
Coatings applied to long metallic strips are cured by installing the strips along the walls of a long oven of square cross section. Thermal conditions in the oven are maintained by a long silicon...
Indicate by letters which of the following control activities match with the following descriptions: Separation of duties (SD) Restricted access (RA) Proper authorization (PA) Adequate documents and...
Omega, Inc., a publicly held corporation, has assets of $100 million and annual earnings in the range of $13 to $15 million. Omega owns three aluminum plants, which are profitable, and one plastics...
Cost of Quality Report A quality control activity analysis indicated the following four activity costs of a hotel: Line Item Description Amount Inspecting cleanliness of rooms $59,500 Processing lost...
Different approaches to acting What qualities make a good actor? The importance of acting and actors in theater and entertainment
Today international finance is based on ________. a) the gold standard b) mainly a relatively free-floating exchange rate system c) fixed rates of exchange
Which statement is true? a) Very few poor people hold jobs. b) The main reason for poverty is that some people refuse to work. c) A person holding a minimum wage job could raise her family out of...
Which statement is false? a) No nation will engage in trade with another nation unless it will gain by that trade. b) The terms of trade will fall somewhere between the domestic exchange equations of...
The exodus of middle- and working-class families from many ghetto neighborhoods removes an important social buffer was said by ________. a) Nicholas Lemann b) Charles Murray c) Barbara Ehrenreich d)...
Which statement is true? a) If we redistributed income every year so that everyone would get the same amount, this would hurt the efficiency of our economy. b) Virtually everyone agrees that we...
The graphs below depict the loanable funds market and the relationship between real interest rates and the level of net capital outflow (NCO) calculated in terms of the Mexican peso. REAL INTEREST...
A researcher reports a significant two-way between-subjects ANOVA, F(3, 40) = 2.96. State the decision to retain or reject the null hypothesis for this test.
A store advertises a discount of $44.75 on a pair of running shoes. If the discount is 25%, what price were the running shoes sold for?
Lumber Liquidators bought 240 cases of oak hardwood flooring at an auction for $19 200.00. This means that each case had the same cost. Back at the store, the cases were sorted into good quality,...
Dynamic IT entrepreneur Robert Herjavec has built and sold several IT companies to major players such as AT&T. In 2003, Robert founded Herjavec Group, and it quickly became one of North America's...
a. Nonlinearity in mass b. Nonlinearity in damping c. Linear equation d. Nonlinearity in spring $\ddot{x}+\omega_{0}^{2}\left(x-\frac{x^{3}}{6} ight)=0$
Derive Eqs. (13.113b) and (13.116b) for the Mathieu equation. Equation 13.113b and 13.116b:- a 11 + E 62 - 8 + (13.113b)
a. Nonlinearity in mass b. Nonlinearity in damping c. Linear equation d. Nonlinearity in spring $\ddot{x}+c \dot{x}+k x=a x^{3}$

You have been making monthly payments towards your 25-year mortgage loan of $234,883.16. Your mortgage rate is

Question:

Expert Answer:

To determine the number of remaining monthly payments to pay off your loan we need to calculate the remaining principal balance after the 8th monthly ... View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these finance questions