How soon is the mortgage paid off

Reference no: EM132158691

Question: For Problem, graph the number of years until payoff:

(a) For an initial extra payment of $20 to $100.

(b) For a geometric gradient of 0% to 3%.

Problem: A 30-year mortgage for $120,000 has been issued. The interest rate is 10%, and payments are made monthly. Calculate the monthly payment for principal and interest. If an extra $50 principal payment is made at the end of month 1 and this extra amount increases by 1% per month, how soon is the mortgage paid off? (Hint: Construct an amortization schedule)

Reference no: EM132158691

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