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Mackenzie Roth has a 30 year, 4.25% mortgage on his home. The current monthly payments for...

Mackenzie Roth has a 30 year, 4.25% mortgage on his home. The current monthly payments for the mortgage, which has a current balance of $170,000, are $1,019.24 per month. He can now afford a $1,500 monthly payment. How long would it take him to pay off his mortgage by making a $1,500 monthly payment?

  • 150.7 months

  • 95.5 months

  • 145.1 months

  • 144.5 months

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Answer #1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer 2 The correct answer is 145.1 months In the given question we have to calculate the number of month payment of $ 1500

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