Question

This morning, you took out a loan of $216,000 to purchase a home. The interest rate...

This morning, you took out a loan of $216,000 to purchase a home. The interest rate on the 30-year mortgage is 3.75 percent and you will make monthly payment. You have decided to make additional monthly payment of $360 beginning with the first payment that will occur one month from today. By how many years will you shorten the length of time it will take you to pay off the loan?

Group of answer choices

11.69 years

8.11 years

13.24 years

9.73 years

15.81 years

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