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Posted on Jul 23, 2024

Suppose you take a $ 2 5 7 , 4 3 5 3 0 - year fixed - rate mortgage at 5 . 6 9

Suppose you take a $

257, 435 30 -

year fixed

-

rate mortgage at

5.69 %, 3

discount points, monthly payments. At the end of year

2

you inherit $

19, 985

from your now

-

favorite aunt. You decide to apply this $

19, 985

to the principal balance of your loan.

How many monthly payments are remaining after the extra lump sum payment is made?

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