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What month will you make your last payment

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Question - You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60.

Required -

1. Build the amortization table.

2. What month will you make your last payment?

3. How much will the last payment be?

Reference no: EM133157412

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