Question

A buddy still owes $200,000 on his home mortgage. The mortgage has an annual interest rate...

A buddy still owes $200,000 on his home mortgage. The mortgage has an annual interest rate of 3.5%. He is currently making monthly payments of $5,000.

A. How long will it take him to pay off his loan? (Months & Years)

B. What affect would making $2,500 payments every other week have on paying off his loan?

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used.

MARGINAL DECLINE IN NO OF MONTHS TO PAY OFF THE LOAN

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