Question
1) Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly payment is $2500. You pay $1250 extra every
1) Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly payment is $2500. You pay $1250 extra every 3rd month (that is, month 3, 6, 9, . . .) .
What will be your total payments to pay-off the loan?
What was the total interest amount that you paid?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the total payments to pay off the loan we can use an amortization schedule The loan amo...
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Step: 2
Step: 3
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
