Question
A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 6% APR compounded monthly and level monthly payments. At the end
A borrower has a 30-year mortgage loan for $200,000 with an interest rate of 6% APR compounded monthly and level monthly payments. At the end of year 10, she unexpectedly received a salary raise. She will increase monthly payments to 1500 till she pays off the mortgage loan. How many more months will she has to pay?
A.120
B. 240
C. 160
D. 164
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The Risk Modeling Evaluation Handbook Rethinking Financial Risk Management Methodologies In The Global Capital Markets
Authors: Greg Gregoriou, Christian Hoppe, Carsten Wehn
1st Edition
0071663703, 978-0071663700
