You are finally going to buy that vacation house. The loan is for $191,000 and you are getting rate of 4.1% PYCM. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rolling, you are working extra hours and expect to add an extra $360 per month to knock down the payments. You make these extra payments for 4 years starting on month 1 but the last extra payment will be on month 48.

Build the amortization table.

What month will you make your last payment?

How much will the last payment be?