Question
You just bought a home for $250,000 and are to make monthly payments of $1,834.41 for 30 years at 8% APR. Suppose you add $298.44
You just bought a home for $250,000 and are to make monthly payments of $1,834.41 for 30 years at 8% APR. Suppose you add $298.44 each month to the $1,834.41 house payment making your monthly payment $2,132.85. This extra amount is applied to the principal. How long will it take you to pay off your loan of $250,000? Use a calculator to determine your answer.
Please show me step by step instructions (without using Excel)
|
A) It will take about 16 years. B) It will take slightly over 19 years. C) It will take slightly over 20 years. D) It will take under 15 years. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started