Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If you make an additional monthly payment of $200 per month, on the 30 year mortgage, how much will you save in total finance charges

If you make an additional monthly payment of $200 per month, on the 30 year mortgage, how much will you save in total finance charges on the mortgage?

Mortgage Amount 200000
APR 6.50% Payment per Month
Years to pay 30 Total Finance Charge
Additional Monthly Payment $200 Payment per Month
New Months to pay off Total Finance Charge

Round up the difference to next whole $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Multinational Finance

Authors: Michael H. Moffett, Arthur I. Stonehill, David K. Eiteman

3rd Edition

0321541642, 9780321541642

More Books

Students also viewed these Finance questions

Question

What is a budget? (p. 314)

Answered: 1 week ago