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Calculate the number of months it will take to payoff loan

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Looking at buying a home. Asking price of $225,000. Since the market is hot, you plan to put in an offer for full asking price and you also plan to put a $45,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 4.125% APR (compounded monthly). Assume your first payment is made one month from today and you make all of the payments on time. Suppose you pay the bank $1,350 each month rather than making the required payment, calculate the number of months it will take to payoff the loan. (Round to the nearest whole number)

Reference no: EM132379981

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