and it seems quite a lot ( left ) - th early part of a repayment mortgage is only interest as it is in this case on the figures given
really £205 per month? - as it is 25 you can do a yearly approx
paid off per year £2460 - and interest in the first year £2400
capital sum paid off - £60
this is nt going to vary much over the first five years (£300)
10% over payment? a linear approx wd do over 5 years
£246 extra - so £300 in the first year, or £1500-2000 off and £58000 left after five (*)
Ball park figures - FV will give exact, which is unlikely to be difft by more than 10%
Good for an A level q to be honest ...(*) the short answer is after analysis, the first part is virtually nothing paid off, so the 10% all goes to paying off the capital -
as a check - three thousand down after five years
interest now 2280 or 190 a month - and so you are still paying off 190 of interest out of 205
are you sure you pay if off with £205 per month?