Question
Mr. Krabs doesn't like the idea of being in debt, so he decides to add $200 to his monthly mortgage payment to pay it
Mr. Krabs doesn't like the idea of being in debt, so he decides to add $200 to his monthly mortgage payment to pay it off sooner. His previous mortgage payment was $1,470/month for 20 years at 8%, and the cost of the home was $175,744.81. By adding $200 to his monthly payment, approximately how long will it take him to pay off his mortgage? (hint: solving for NPER, round your answer to the closest number of years)
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Financial Accounting A Critical Approach
Authors: John Friedlan
4th edition
1259066525, 978-1259066528
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