View the step-by-step solution to:

You have just taken out a $300,000, 30 year mortgage (monthly payments and compounding) at an annual 8 percent rate. Scheduled monthly payments are...

You have just taken out a $300,000, 30 year mortgage (monthly payments and compounding) at an annual 8 percent rate. Scheduled monthly payments are $2,201.29. You decide to pay an additional $100 each month towards the mortgage (you make the scheduled payment plus an extra $100 each month). How many payments must you make before the mortgage is paid off? (round up to the next whole payment)

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question