Question
Mark takes out a $238,000 mortgage for 30 years. Instead of paying his monthly payment of $1,220.09, he decides to pay $1,420.09. This leads to
Mark takes out a $238,000 mortgage for 30 years. Instead of paying his monthly payment of $1,220.09, he decides to pay $1,420.09. This leads to Mark paying off the entire mortgage in 22 years and 5 months. Mark calculates the percent of the total loan he pays back in interest with and without the extra payments. What is the difference between Mark's calculated percentages?
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Step: 1
To find the difference between the percentages of the total loan Mark pays back in interest with and ...
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Step: 2
Step: 3
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Calculus For Scientists And Engineers Early Transcendentals
Authors: William L Briggs, Bernard Gillett, Bill L Briggs, Lyle Cochran
1st Edition
0321849213, 9780321849212
