Mathematics

Mathematics

Problem

55. Mortgage Payment Planning An 86,000mortgagefor30yearsat mortgage for 30 years at 12 \%APRrequiresmonthlypaymentsof APR requires monthly payments of \884.61 884.61. Suppose you decided to make monthly payments of 1050.00$. (a) When would the mortgage be completely paid? (b) How much do you save with the greater payments compared with the original plan?

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