Mathematics, 22.04.2020 10:12 kbuhvu
A mortgage for a condominium had a principal balance of $40,800 that had tobe amortized over the remaining period of 6 years. The interest rate was fixedat 3.92% compounded semi-annually and payments were made monthly.
a. Calculate the size of the payments.
b. If the monthly payments were set at $737, by how much would the time period of the mortgage shorten?
c. If the monthly payments were set at $737, calculate the size of the final payment.
Answers: 2
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A mortgage for a condominium had a principal balance of $40,800 that had tobe amortized over the rem...
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