You have just taken out a mortgage of for 30 years with, Ask an Expert

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You have just taken out a mortgage of for 30 years, with monthly payments at 6% interest. The same day you close on the mortgage you receive a $25,000 gift from your parents to be applied to the mortgage principal.

What amount of time will be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment?

(Assume any residual partial payment amount is added to the last payment.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92860728

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