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jonathon has just taken out $500,000, ten-year, 9% APR, mortgage ... (please show in excel) 6. Jonathan has just taken out a $500,000, ten-year, 9%,
jonathon has just taken out $500,000, ten-year, 9% APR, mortgage ... (please show in excel)
6. Jonathan has just taken out a $500,000, ten-year, 9%, APR, mortgage. He has heard from friends that if he increases the size of his monthly payment by one-tenth of the monthly payment, he will be able to pay off the loan much earlier and save a bundle on interest costs. Please show your calculations on how sooner Jonathan will pay off his loan and how much of interest expense he will save if he pays additional monthly payment (one- tenth more than the actual) and please prove your calculation with amortization table you practiced with Advanced Cases in chapter 5. (30 points) Step by Step Solution
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