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You have your eyes set on a beautifully waterfront home in Barriefield Villiage. The good news, you have a great job and can afford to
You have your eyes set on a beautifully waterfront home in Barriefield Villiage. The good news, 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 and get a 3.5% APR on your mortgage, how long will it take to pay the house off (rounded to the nearest year)?
a. 33 years
b. 55 years
c. 664 years
d. Infinity (i.e. payments are too low and you will never pay off the home).
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