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You have your eyes set on a beautiful waterfront home. The good news is that you have a great job and can afford to pay
You have your eyes set on a beautiful waterfront home. The good news is that you have a great job and can afford to pay $7500.35 a month towards the mortgage. The bad news, the house costs 2.2 million dollars. Assuming you make your mortgage payments at the end of each month, will make a 20% down payment on the house and get a 3.5% APR on your mortgage, how long will it take to pay off the house (rounded to the nearest year)?
a) 33 years
b) 55 years
c) 664 years
d) Infinity (will never pay off house)
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