Answered: The mortgage on your new home is $176,…

The mortgage on your new home is $176, 758. The loan is at 5.5% interest for 30 years. How many months will it take you to pay off the mortgage if you make an extra $65 payment per month?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 10FPE

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The mortgage on your new home is $176, 758. The loan is at 5.5% interest for 30 years. How many months will it take you to pay off the mortgage if you make an extra $65 payment per month?

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