If you added $100 to the monthly payment on a 30-year, $100,000 fixed-rate loan with a 6.5% rate, how soon would your loan be paid off?

Name: If you added $100 to the monthly payment on a 30-year, $100,000 fixed-rate loan with a 6.5% rate, how soon would your loan be paid off?
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Question

Quizplus · Accepted Answer

The correct answer is A because if you add $100 to the monthly payment on a 30-year, $100,000 fixed-rate loan with a 6.5% rate, your loan would be paid off in 249 months.

If You Added $100 to the Monthly Payment on a 30-Year