Assume Your Current Mortgage Payment Is $900 Per Month

question 65

Multiple Choice

Assume your current mortgage payment is $900 per month.If you begin to pay $1,000 per month (with the extra $100 per month going to principal) ,which of the following will be TRUE?

• A)The mortgage balance will decrease faster with $1,000 monthly payments compared to $900 monthly payments.
• B)The total paid (principal and interest)will increase with $1,000 monthly payments compared to $900 monthly payments.
• C)The total interest expense will increase with $1,000 monthly payments compared to $900 monthly payments.
• D)The total principal paid will decrease with $1,000 monthly payments compared to $900 monthly payments.
• E)The time until your mortgage is paid off will increase with $1,000 monthly payments compared to $900 monthly payments.

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