Question
Looking at buying a home. Asking price of $225,000.Since the market is hot, you plan to put in an offer for full asking price and
Looking at buying a home. Asking price of $225,000.Since the market is hot, you plan to put in an offer for full asking price and you also plan to put a $45,000 down payment and finance the remainder.Your bank is offering you a 30-year loan at 4.125% APR (compounded monthly).Assume your first payment is made one month from today and you make all of the payments on time.Suppose you pay the bank $1,350each monthrather than making the required payment,calculate the number of months it will take to payoff the loan.(Round to the nearest whole number)
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