Multiple Choice
Your current $155,000 mortgage calls for monthly payments over 25 years at an annual interest rate of 6 percent. If you pay an additional $50 each month beginning with the first payment, how much interest expense do you save by pre-paying?
A) $15,981.28
B) $16,009.62
C) $17,152.22
D) $19,001.69
Correct Answer:
Verified
Correct Answer:
Verified
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