A mortgage of $250,000 requires payments of $1,681.42 per month at 5.25% compounded quarterly. If the purchaser paid an extra $300 per month towards the mortgage, how much sooner would the mortgage be paid off? What amount of interest would the purchaser save?

Question

Quizplus · Accepted Answer

The Answer of A mortgage of $250,000 requires payments of $1,681.42 per month at 5.25% compounded quarterly. If the purchaser paid an extra $300 per month towards the mortgage, how much sooner would the mortgage be paid off? What amount of interest would the purchaser save?

A Mortgage of $250,000 Requires Payments of $1,681