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Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly payment is $2500. You pay $1250 extra every 3rd
Your borrowed $250,000 on Jan 1st 2022. The annual interest rate is 5.4% . The monthly payment is $2500. You pay $1250 extra every 3rd month (that is, month 3, 6, 9, . . .) .
a) What will be the balance at the end of the 30th month?
b) What will be the balance at the end of the 55th month?
c) What will be the final payment amount?
d) How many months will it take to pay-off the loan?
e) What was the total interest amount that you paid?
f) What will be your total payments to pay-off the loan?
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