Question

..Kou Wei has a $300,000 mortgage on his new home. He makes payments of $1675 at...

..Kou Wei has a $300,000 mortgage on his new home. He makes payments of $1675 at the end of every month, with interest compounding at 4.9% monthly. How many years and months will he be making mortgage payments? Final answer can be rounded to the nearest month. Show caculations by BAII plus caculation

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Answer #1
Put in calculator
FV 0
PV -300,000
PMT 1675
I 4.9%/12 0.4083%
compute N                         322.53
Number of year = 322.53/12                              26.88
Therefore it will required = 26 year and 11 month to pay off the loan
26 year + 088*12 months
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