Calculate the monthly payment of a 30-year mortgage that is equal to $260,000 and the annual percentage rate equal to 6.5%
Calculate the total interest you will pay over the life of this loan.
In addition to the payment calculated in above, let’s say each month you were able to pay an additional $100 (i.e. new payment = old payment +100. Calculate, a) in how many years you would have repaid the loan and, b) how much less interest you would have paid than the interest amount of the original loan if you made that extra $100 payment each month. Show all calculator inputs and related calculations if you are simply using formulas.