The mortgage payment on an investment property is $848 per month. The interest rate on the...

The mortgage payment on an investment property is $848 per month. The interest rate on the loan is 3.0% and the original term was 25 years, of which 15 years remain. You inherited $17,000 and are going to use the funds to reduce the principal outstanding on the loan. What is the new payment required to amortize the remaining balance over the remaining term of the loan?

The mortgage payment on an investment property is $2,912 per month. The interest rate on the loan is 3.0% and the original term was 25 years, of which 15 years remain. You inherited $58,000 and are going to use the funds to reduce the principal outstanding on the loan. How many months will it take you to repay the loan if you continue to pay $2,912 per month?

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jeff jeffy answered 1 year ago

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