..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
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 | |||||
Get Answers For Free
Most questions answered within 1 hours.