Question

26) You are contemplating a loan of $140,000 over 30 years paid monthly at 4.15%. What are your monthly payments?

            A) $566.77

2. $455.67
3. $680.54
4. $556.89

For the loan in #26, how many months will you cut short your mortgage if you pay an extra $100 per month, every month?

A) About 20 months

B) About 40 months

C) About 60 months

D) About 80 months

Answer 1

26)

27)

Hence, correct option is D. about 80 months