Excel: You take a fixed-rate mortgage for $140,000 at 6.75% (annual interest rate) for 30 years,

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You take a fixed-rate mortgage for $140,000 at 6.75% (annual interest rate) for 30 years, monthly payments. At the end of year two, you unexpectedly inherit $25,000 from your favorite grandmother. You decide to apply this $25,000 to the principal balance of your loan. a. What is the mortgage monthly payment after you apply the $25,000 to the principal? b. How much interest do you save over the life of the loan by doing this assuming that the mortgage is held to maturity?

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#Mortgage
#Principal
#Interest
#Payments
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