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Tuesday, December 3, 2024    		 
Household Math™: Semiannual Mortgage Payoff
by Scott Bilker
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.
 
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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.

This question from a DebtSmart Reader, Margie: I purchased property for $27,515.00 at 7.5% for 8 years on a semiannual payment of $2318.00. The first year, three payments were made of $2,318.00; we have paid three years so far. This year, on our due date, we would like to pay off the mortgage. What will be the amount due?
(NOTE: Assume that the third payment in year one was made with the second payment.)
$16,965
$18,695
$21,297
$22,297
I don't know!



 

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