Multiple Choice
What effect does paying an extra small bit of principal on a mortgage have on the life of a 30 year loan?
A) It has no impact on amount of interest paid but shortens the length of the loan.
B) It saves money in interest and shortens the length of the loan.
C) It increases the amount of interest paid and lengthens the length of the loan.
D) It has no impact on either interest or life span of the loan.
Correct Answer:
Verified
Correct Answer:
Verified
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