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When is the loan paid off

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Reference no: EM132765325

When paying off a home mortgage, extra principle payments can have a dramatic impact on the time needed to pay off the mortgage.

Problem 1: Present an amortization schedule for a $200,000, 30 year mortgage, with a 6% APR.

Problem 2: After the fifth year, add an extra $100 to each monthly payment. When is the loan paid off?

Reference no: EM132765325

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