What sum of money will discharge the mortgage when next payment is due?
A mortgage is repaid by payments of $1200, principal and interest, every 6 months. Interest is being charged at 10% compounded semi-annually. If the mortgage has 20 years to run, what sum of money will discharge the mortgage, when next payment is due?
2007-01-13 07:00:36 · 3 answers · asked by SHAILY 1 in Education & Reference ➔ Primary & Secondary Education
I think you'd have to ask your lender for a settlement figure
2007-01-13 07:04:35 · answer #1 · answered by sundancer332003 4 · 0⤊ 0⤋
Call your bank. It depends on the loan amount and such and some lenders have a penalty for pre-payment
2007-01-13 15:11:21 · answer #2 · answered by Carlene W 5 · 0⤊ 0⤋
You need to call your lender, they can give you a payout amount.
2007-01-13 15:09:48 · answer #3 · answered by hot rod 4 · 0⤊ 0⤋