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How much was the total payment of the entire loan

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Question -Make sure that the loan is set to $200,000, the interest rate is 4% fixed, term 30 years.

1) Task 1 - If you pay an extra $200 a month, and pay $1200 additional payment every December for the next 19 years.

a) How much interest will you save?

b) What date will the entire loan get paid?

c) How much taxes will you save?

d) What is the loan balance on year 15?

e) How much was the total payment of the entire loan.

f) How much was the total interest payment.

2) Task 2 - If you pay an extra $150 a month and pay $500 additional payment every December for the next 20 years.

a) How much interest will you save?

b) What date will the entire loan get paid?

c) How much taxes will you save?

d) What is the loan balance on year 10?

e) How much was the total payment of the entire loan?

f) How much was the total interest payment?

Reference no: EM133027786

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