Question
You've taken out a $200,000 mortgage with a 30-year term and an interest rate of 4%. Using an amortization schedule, determine your monthly mortgage payment.
You've taken out a $200,000 mortgage with a 30-year term and an interest rate of 4%. Using an amortization schedule, determine your monthly mortgage payment. Additionally, analyze the impact of making extra principal payments each month on the total interest paid and the loan payoff timeline. How many years could you shave off the loan term by making an extra $100 payment each month?
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Fundamentals of Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo, Jarrad Harford, David A. Stangeland, Andras Marosi
1st canadian edition
978-0133400694
