A young couple take out a 30-year home mortgage of $145,000.00 at 6.9% compounded monthly. They make their regular monthly payment for 7 years, then decide to up their monthly payment to $1,200.00.
a) What is the regular monthly payment? $
b) What is the unpaid balance when they begin paying the accelerated monthly payment of $1,200.00? $
c) How many monthly payment of $1,200.00 will it take to pay off the loan? payments d) How much interest will this couple save? $
|b)||Balance After 7 years (84 months)||=FV(C3,84,C6,-C2)|
|c)||No of monthly Payment Required||=NPER(C3,1200,-C8)|
|d)||Savings Of Interest||=(C6*(C4-84))-(1200*C10)|
I hope my efforts will be fruitful to you.
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