Paying 13 mortgage payments instead of 12 per year can save you thousands in mortgage interest expense. If you had a $175,000 mortgage at 6% for 30 years, how much extra would you have to pay per year to make 13 instead of 12 mortgage payments per year? How much would you pay if you paid of it per month? Note: Round your answer to the nearest cent. Mortgage payments 1/12 of it per month
Paying 13 mortgage payments instead of 12 per year can save you thousands in mortgage interest expense. If you had a $175,000 mortgage at 6% for 30 years, how much extra would you have to pay per year to make 13 instead of 12 mortgage payments per year? How much would you pay if you paid of it per month? Note: Round your answer to the nearest cent. Mortgage payments 1/12 of it per month
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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