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October 21, 2014

Homework Help: Algebra: Statistics

Posted by Pamela on Wednesday, December 14, 2011 at 6:58pm.

Five years ago, you bought a house for $151,000, with a down payment of $30, 000, which meant you took out a loan for $121,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information.

Escrow payment $211.13
Principle and Interest payment $706.12
Total Payment $917.25
Current Loan Balance $112,247.47

The Questions

How much additional money would you need to add to your monthly payment to pay off your loan in 20 years instead of 25? If you currently meet your monthly expenses with less than $100 left over, would it be reasonable to do this?

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