Question
8. Ms. Chung financed her home purchase with a fixed rate 20 year mortgage at 6%. The original loan balance was $400,000. With her monthly
8. Ms. Chung financed her home purchase with a fixed rate 20 year mortgage at 6%. The original loan balance was $400,000. With her monthly mortgage just paid her current loan balance is 301,903.98.
a. What is Ms.Chungs monthly payment to the bank?
b. How many months remain until the loan is paid off?
c. Ms.Chung would like to pay off her loan sooner. She has decided that she would like to pay off her loan in 10 years, and is willing to add $A per month to her payment. What is the value for A?
The correct answer is below I just need to see how to solve using a financial calculator
A. 2865.72
B. 150
C. 486.03
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