Extra payments will be applied to reduce the loan principal

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Reference no: EM131601818

A 30 year mortgage for $95,000 is issued at 9% nominal rates. Any extra payments will be applied to reduce the loan principal.

• What is the monthly payment?

• How long until the loan is payed off if you pay $1000 each month?

• How long to pay off the loan if double payments are made each month?

Reference no: EM131601818

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