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Suppose you borrow $50,000 to be paid back monthly over 20 years at some interest rate. Assume that your payments are level. 1) If you
Suppose you borrow $50,000 to be paid back monthly over 20 years at some interest rate. Assume that your payments are level. 1) If you include an extra 2,000 with the first payment, how does that affect when the loan will be paid off. Assume an interest rate and compute the actual time. 2) If you doubled your payment, how does that affect when the loan will be paid off. Assume an interest rate and compute the actual time
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