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Problem: The Nguens purchases a home costing $235,000 and financed 70% of the price with a 15 year loan at 3.5% payable monthly. They wish
Problem: The Nguens purchases a home costing $235,000 and financed 70% of the price with a 15 year loan at 3.5% payable monthly. They wish to investigate making the standard loan payment versus paying an extra $500 each month on their house payment. What would the first four rows of the amortization table look like in each case? How much interest is saved on the first four payments with the extra $500
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