You have purchased your dream home, agreeing to pay the bank $2,500 each month for a span

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You have purchased your dream home, agreeing to pay the bank $2,500 each month for a span of 30 years. The quoted interest rate is 6% APR, compounded monthly. After 12 years (immediately following your 144thpayment), you inherit a substantial estate and wish to pay off the remaining principal on this mortgage. How much do you still owe?

Posted Date: Jun 14, 2024 06:33 PM

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You have purchased your dream home, agreeing to pay the bank $2,500 each month for a span

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