Question
A $300,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually), suppose you made a single lump sum
A $300,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually), suppose you made a single lump sum payment of $6000 at the end of the second year of the mortgage. ). How long would it now take to pay off the mortgage (calculate the number of years)? How much interest is paid over the life of the mortgage?
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Personal Finance
Authors: McGraw Hill
Student Edition
0078958393, 978-0078958397
