MATH

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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


$112,242.47




Explain whether or not it would be reasonable to do this is if you currently meet your monthly expenses with less than $100 left over.

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