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Two years ago you borrowed $660,000 to buy a house. The mortgage had a 30 year amortization period with monthly payments of $2,775.98 at a
Two years ago you borrowed $660,000 to buy a house. The mortgage had a 30 year amortization period with monthly payments of $2,775.98 at a rate of 3%. Yesterday was the two year anniversary of the mortgage and you made your 24th payment. This morning, you received a telephone call from your boss offering you a bonus of $50,000 which are going to use to pay down your mortgage. (Assume that your boss transfers the money to the mortgage lender immediately.) If you continue making the same payments, then how many months until the mortgage is repaid? (Round to the nearest month.) O 330 313 269 296
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