You are applying for a mortgage loan at 5.75% over 30 years with monthly payments. The home you are considering is at a price of $329,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?

A) how long will it take you to pay off 75% of the loan ?

a. About 20.3 years

b. About 302 months

c. 270 months

d. About 312 months

b) what if you paid an extra $75 each month. How long would it take to pay off the loan in full ?

a. 268 months

b. About 26 and years

c. 309 months

d. About 284 months