Ariel G.

asked • 04/24/21

I need to know this step by step!

A family has a mortgage on a home for $295,000, amortized over 25 years, at an APR of 4.5%. The monthly payment on the mortgage is $1,639.71/ If the family makes a $25,000 extra payment at the end of the 4th year of the mortgage, how much interest will they save by the end of the 25-year period of the mortgage?

(solve with 2 tvm solver chart hopefully)

1 Expert Answer

By:

Yefim S. answered • 04/24/21

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