After making minimum payments for 3 years on a 25-year home loan, a couple decide to...

After making minimum payments for 3 years on a 25-year home loan, a couple decide to pay an additional $150 per month toward the principal. The original loan amount was $280000 with an annual interest rate of 5% compounded monthly.

By how many months will the term of this loan be reduced with this additional monthly payment?

___________months (carry out all calculations exactly, round to the nearest integer the final answer only)

Over the life of this loan, how much interest will be saved?

_____________dollars (round to the nearest integer)

the tolerance is +/-2%

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jeff jeffy answered 1 year ago

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