Sunday, April 28, 2024

Scott Bilker
Household Math™: Fast Pay Mortgage
by Scott Bilker
 
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.

Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. You have a $100,000 mortgage at 6% APR for 15 years. How many extra monthly payments must you send each year to be able to pay off this loan in exactly 5 years? Note: All the extra payments are sent along with the year’s last monthly payment.
3 extra payments
10 extra payments
16 extra payments
I don't know!



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