How much sooner will a $65,000 loan at 7.2% compounded monthly be paid off if the monthly payments are $625 instead of $600? What will be the approximate saving in total interest costs over the life of the loan?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q123: The interest rate on a $100,000 loan
Q124: If $400,000 accumulated in an RRSP is
Q125: Georgina is about to retire with $188,000
Q126: A 65-year-old male can purchase either of
Q127: A 70-year-old male can purchase either of
Q129: Twelve years ago, Mr. Lawton rolled a
Q130: Calculate the nominal and effective rate of
Q131: If you double the size of the
Q132: Calculate the nominal and effective rate of
Q133: If $100,000 will purchase a 20-year annuity
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents