Assume a 30-year fixed interest loan for $100,000 at6.85% APR. monthly payments:

Question

Assume a 30-year fixed interest loan for $100,000 at6.85% APR. monthly payments: 650 a) You pay an additional $100 each and every month toward theprincipal, in an attempt to payoff the loan early. After how manyyears is the loan payed off? b)You have made no additional monthly payments. At the end ofthe tenth year, you are a contestant on "Deal or No Deal". Thebanker offers you the following deal: he will make an additionalpayment for you (in pay period 120) sufficient to reduce the termof your loan from the original 30 years to 20 years (in otherwords, you would have only ten more years left on your loan). Howmuch is the banker actually offering you? Assume a 30-year fixed interest loan for $100,000 at6.85% APR. monthly payments: 650 a) You pay an additional $100 each and every month toward theprincipal, in an attempt to payoff the loan early. After how manyyears is the loan payed off? b)You have made no additional monthly payments. At the end ofthe tenth year, you are a contestant on "Deal or No Deal". Thebanker offers you the following deal: he will make an additionalpayment for you (in pay period 120) sufficient to reduce the termof your loan from the original 30 years to 20 years (in otherwords, you would have only ten more years left on your loan). Howmuch is the banker actually offering you? monthly payments: 650 a) You pay an additional $100 each and every month toward theprincipal, in an attempt to payoff the loan early. After how manyyears is the loan payed off? b)You have made no additional monthly payments. At the end ofthe tenth year, you are a contestant on "Deal or No Deal". Thebanker offers you the following deal: he will make an additionalpayment for you (in pay period 120) sufficient to reduce the termof your loan from the original 30 years to 20 years (in otherwords, you would have only ten more years left on your loan). Howmuch is the banker actually offering you?

Explanation / Answer

ITS HELPFUL TO YOU.......

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.