Home mortgage of $30,000 at a fixed APR of 6% for 20 years

timer Asked: Jun 3rd, 2013

Question Description

Considered a home mortgage of $30,000 at a fixed APR of 6% for 20 years.

a) What are your monthly payments?

b) Suppose you would like to pay the loan off in 10 years insted of 20 years, what monthly payment will you need to make?

c) Compare the total amount you'll pay over the loan term if you would pay off the loan off in 10 years instead of 20 years.


What will be the required monthly payment?

What will be the monthly payment required to pay off the loan in 10 years instead of 20 years?

What will be the total payment for the :

10 year loan ?

20 year loan?

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