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a couple has taken a $275,000 20 year mortgage at 2.55% per year compounded monthly. Compute: The monthly payment, Immediately after the 120 th payment,
a couple has taken a $275,000 20 year mortgage at 2.55% per year compounded monthly. Compute:
- The monthly payment,
- Immediately after the 120th payment, they win $30,000 in a lottery and decide to pay this money back to the bank. The bank insists that they maintain the same monthly payment as before. How many monthly payments after the 120th they will have to make?
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