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Your initial loan amount is $150,000. The APR is 5%. The number
Your initial loan amount is $150,000. The APR is 5%. The number of years of the loan is 25 years. Generate the amortization table for the given loan. Assume this is the mortgage on your house. If you elected to pay an additional principal amount of $150.00 each month, in how many months would you pay off your mortgage?
Not considering taxes, how much would you save in interest paid to service your loan when paying the additional principal compared to paying the loan off over the original time period?
Submit a file that contains the completed amortization table for the original loan and the completed amortization table with the additional principal payment.
In this file, clearly identify the month the loan is paid off and the dollar amount of interest saved.
Number of Years =
Payment per Year =
Monthly Payment = Month
This question was answered on: Feb 21, 2020
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