Multiple Choice
Your current $115,000 mortgage calls for monthly payments over 30 years at an annual rate interest rate of 7 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) $32,764.43
B) $30,718.29
C) $29,503.14
D) $22,008.73
Correct Answer:
Verified
Correct Answer:
Verified
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