You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month. Now five years later, the rates remain at j2-4.2%, but you have now rented out your basement suite for $800 a month. If you add this to your monthly payment, how much earlier will you pay off your mortgage? Round down to the nearest month.

You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month. Now five years later, the rates remain at j2-4.2%, but you have now rented out your basement suite for $800 a month. If you add this to your monthly payment, how much earlier will you pay off your mortgage? Round down to the nearest month.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 5E

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