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(a) The amount of money one would pay each month on a loan of $225,000 at an interest rate of 4% over 30 years
(a) The amount of money one would pay each month on a loan of $225,000 at an interest rate of 4% over 30 years (360 months). (Note: this only includes the payment on the debt, not insurance, etc.) (b) The amount of time it would take to pay the loan off (in months) if that payment were increased $100 (c) Using the payment in part (a) Calculate the balance of the ORIGINAL loan after the time calculated in part (b).
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