Rachel and John bought their house at the end of June 2005, making their first mortgage payment on July 15, 2005. The house cost $250,000 and they put 20% down. The interest rate has always been 5.7%. They

renewed for a 5-year term in June 2020. The mortgage has been amortized over 25 years and they make semi- monthly, end-of-period mortgage payments. The couple hopes to pay off their mortgage in full before they

retire. They have joint creditor life insurance on their mortgage, which is $552 per year.

Are there any obvious places in their cash flows where they are spending too much and should consider cutting back in order to meet their retirement objectives? viii. When is their mortgage paid off? make an amortization table (Answer: June 30, 2030)