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Remomber to type your answer into the box on Canvas for Question 2 Your bank...

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Accounting

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Remomber to type your answer into the box on Canvas for Question 2 Your bank offers you a $500,00025-year housing loan at a rate of 6% pa compounding monthly. After 5 years of making your regular monthly payments, you receive a pay rise and decide to increase your monthly loan repayment amount by an additional $148 in order to accelerate repayment of the loan. How much earlier will the loan be paid off? Type your answer into the box. You should show the number of months to 1 decimal place. (For example if your answer is that the loan will be paid off 7.3 months earlier, then type 7.3 into the box)

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