Fight Finance

Courses  Tags  Random  All  Recent  Scores

Scores
keithphw$6,001.61
Zin$1,502.43
Carolll$1,433.33
Visitor$1,268.61
cuiting$1,249.70
Jade$1,145.80
Visitor$1,108.33
Skywalke...$1,070.00
Visitor$1,051.28
mm11$1,050.33
ninalee$1,039.70
Visitor$1,024.70
Visitor$1,005.61
Visitor$966.00
victor$934.70
zy$919.70
Doris$889.70
Visitor$840.00
Yuan$823.33
Emma Lu$810.00
 

Question 204  time calculation, fully amortising loan, APR

You just signed up for a 30 year fully amortising mortgage loan with monthly payments of $1,500 per month. The interest rate is 9% pa which is not expected to change.

To your surprise, you can actually afford to pay $2,000 per month and your mortgage allows early repayments without fees. If you maintain these higher monthly payments, how long will it take to pay off your mortgage?




Copyright © 2014 Keith Woodward