You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 your monthly payment is $1,909.667
You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 your monthly payment is $1,909.667
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Transcribed Image Text:You took out a 30-year, $400,000.00 mortgage at 4.00% annual interest. How many months will it take to pay down the mortgage principal to $300,000.00 if your monthly payment is $1,909.667
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