Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mackenzle Roth has a 30 year, 4.75% mortgage on his home. The current monthly payments for the mortgage, which has a current balance of $170,000,

image text in transcribedimage text in transcribed

Mackenzle Roth has a 30 year, 4.75% mortgage on his home. The current monthly payments for the mortgage, which has a current balance of $170,000, are $1,019.24 per month. He can now afford a $1,300 monthly payment. How long would it take him to pay off his mortgage by making a $1,300 monthly payment? Multiple Choice 150.7 months 149.9 months 184.5 months 183.5 months

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_2

Step: 3

blur-text-image_3

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

Financial Accounting For OHADA Member States Volume 1

Authors: Michael Forzeh Fossung

1st Edition

3330328037, 978-3330328037

More Books

Students also viewed these Accounting questions