Question
You have just taken on a 30-year, 7.25% p.a. (to be compounded monthly), $750,000 mortgage and would like to pay it off in 15 years.
You have just taken on a 30-year, 7.25% p.a. (to be compounded monthly), $750,000 mortgage and would like to pay it off in 15 years.
By how much will your monthly payment have to change to accomplish this objective of paying it off in 15 years? [Assume there is no penalty for this change.]
Decrease by $6,846.47 monthly.
Increase by $6,846.47 monthly.
Increase by $1,730.15 monthly.
Increase by $5,116.32 monthly.
Decrease by $1,730.15 monthly.
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Business Forecasting
Authors: John E. Hanke, Dean Wichern
9th edition
132301202, 978-0132301206
