Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 5-58?spreadsheet problem when paying off a home mo

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

90.2K

Verified Solution

Question

Finance

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?

Answer & Explanation Solved by verified expert
3.8 Ratings (338 Votes)
aLoan AmountInterest RateTerm in YearsMonthly    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

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?

Other questions asked by students

Q

Balance scorecard system is used by many companies to balance strategic planning and management. Explain what measures...

Finance
Q

A mutual fund timing the market... ...will employ a large amount of leverage. ...will have a low...

Finance
Q

Define the advantages that the law affords affords to business corporations. In view of the many...

General Management
Q

you will cover the options you have to communicate tax updates to clients. With the ever-changing tax...

Accounting
Q

6. During 2017, Miami Inc. had sales revenue $1,328,000, gross profit $728,000, operating expenses $398,000, cash...

Accounting
Q

Question C Hemophilia A is a disease in which patients lack a clotting factor in...

Biology
Q

17. Basketball Team A scored 4 three-point baskets, 22 two-point baskets, and 7 one-point baskets...

Basic Math
Q

Find the indicated term of the sequence a4 an n 3n 1

Calculus
Q

The graph of y e is transformed as shown in the graph below Which equation...

Algebra
Q

Rachel Sells is unable to reconcile the bank balance at January 31. Rachels reconciliation is...

Accounting
Q

Depreciation method changes from double declining to straight line method. Your answer is...

Accounting
Q

What would be the annual percentage yield for a savings account that earned $18.00 in...

Finance