Homework Help: Business math

Posted by Anonymous on Friday, June 15, 2012 at 12:00am.

You just move into your new home for which you have a 30 year mortagage of $60,000 at 7%. Your new neighbor Jack tells you that if you double the amount of your payment each month you will cut the length of time you pay in half. Is he correct? would the payoff period be longer or shoter than 1/2 the 30 year payoff time?

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