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5-58?Spreadsheet Problem When paying off a home mortgage, extra principle payments can have a dramatic impact...

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5-58?Spreadsheet Problem When paying off a homemortgage, extra principle payments can have a dramatic impact onthe time needed to pay off the mortgage.

  1. Create an amortization schedule for a $200,000, three-yearmortgage, with a 6% APR.
  2. After the fifth year, add an extra $100 to each monthlypayment. When is the loan paid off?

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aLoan AmountInterest RateTerm in YearsMonthly    See Answer
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Transcribed Image Text

5-58?Spreadsheet Problem When paying off a homemortgage, extra principle payments can have a dramatic impact onthe time needed to pay off the mortgage.Create an amortization schedule for a $200,000, three-yearmortgage, with a 6% APR.After the fifth year, add an extra $100 to each monthlypayment. When is the loan paid off?

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