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You have just found your dream home. The selling price is $120,000. You will put...

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Finance

You have just found your dream home. The selling price is $120,000. You will put $20,000 down and obtain a 30-year fixed-rate mortgage at 7.25% compounded monthly for the rest.

Suppose that in addition to the required monthly payment, you decide to make an additional principal payment along with your regular payment. How much extra must you pay each month (rounded to the nearest dollar) if you wish to pay off the loan in 20 years?

$25
$55
$78
$91
$108

Answer & Explanation Solved by verified expert
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