Compare two loans:Loan 1: $175,000; 8% annual (monthly payments); 30 years.Loan 2: $175,000; 7% annual (monthly payments); 15 years.If you pay an additional $250 per month in ad…

Question

asked Sep 23, 2022 37.4k views

1 Answer

Brettlaforge · Answer 1 · 2022-09-27T20:16:47+0000

Answer:

Following are the responses to the given question:

Step-by-step explanation:

For the First loan payment period is value:

$\to NPER((8\%)/(12),-250-PMT((8\%)/(12),12* 30,-175000),175000)=215\ months$

For the second loan payment period is value:

$\to 15* 12=180 \ months$

that's why the loan will be paid off soon.