Question: When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage. (a) Create

When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage.

(a) Create an amortization schedule for a $200,000, 3-year mortgage with a 6% APR.

(b) After the 5th year, add an extra $100 to each monthly payment. When is the loan payed off?

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