BUSN 5200 F2 2022: Your current $95,000 mortgage calls for monthly payments over 30 years at an annual rate interest rate of 6 percent. If you pay an additional $50 each month beginning with the first payment, how soon do you pay off your mortgage?

Posted: December 23rd, 2022

Your current $95,000 mortgage calls for monthly payments over 30 years at an annual rate interest rate of 6 percent. If you pay an additional $50 each month beginning with the first payment, how soon do you pay off your mortgage?

311.56 months

329.67 months

291.78 months

Step 1: PV = 95000; FV = 0; N = 360; I = 6/12; => PMT = 569.57 Step 2: PMT = -619.57; FV = 0; I = 6/12; PV = 95000; => N = 291.78

288.45 months

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00
Live ChatEmail