Karen has a $140,000 home financed with a 30-year loan at 5%. if she wished to pay one extra monthly payment each year, how many months will it take her to pay off her mortgage?

332 months approx.

Step-by-step explanation:

EMI formula is :

Substituting p = 140000

r =

n =

Solving this we get;

EMI = $751.48

So, total amount that is to re paid in 360 installments = dollars

Now, if one extra payment is made each year that means 13 payments per year.

So, amount paid per year = dollars

Now, $270532.80 will be repaid in =

= 27.69 years

This will become approx months

= 332 months.

john earns $14.00 for two hours of work.

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