A $347,500 mortgage at 4.90% compounded semi-annually was settled with monthly payments of $2, 525. a. What is the amortization period for the mortgage? b. How much will the amortization period be shortened by if weekly payments of $1300 are made instead ca the monthly payments?

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Chapter7: Using Consumer Loans
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A $347,500 mortgage at 4.90% compounded semi-annually was settled with monthly payments of $2,
525.
a. What is the amortization period for the mortgage?
b. How much will the amortization period be shortened by if weekly payments of $1300 are made instead ca
the monthly payments?
a)
7 A▾ BI
EE
Transcribed Image Text:A $347,500 mortgage at 4.90% compounded semi-annually was settled with monthly payments of $2, 525. a. What is the amortization period for the mortgage? b. How much will the amortization period be shortened by if weekly payments of $1300 are made instead ca the monthly payments? a) 7 A▾ BI EE
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