Question
You take a fixed-rate mortgage for $132,000 at 6.75% for 30 years, monthly payments. At the end of the second year, you unexpectedly inherit $18,000
You take a fixed-rate mortgage for $132,000 at 6.75% for 30 years, monthly payments. At the end of the second year, you unexpectedly inherit $18,000 from your now-favorite uncle. You decide to apply this $18,000 to the principal balance of your loan. How many payments are remaining after the extra lump sum payment is made? Show calculations and calculator inputs.
a) 234
b) 127
c) 121
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The Little Book Of Market Myths: How To Profit By Avoiding The Investing Mistakes Everyone Else Makes
Authors: Kenneth L. Fisher
1st Edition
1118445015, 978-1118445013
