A mortgage for a condominium had a principal balance of $47,400 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. SO Round up to the next whole number b. If the monthly payments were set at $829, by how much would the time period of the mortgago shorton?
A mortgage for a condominium had a principal balance of $47,400 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 3.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments. SO Round up to the next whole number b. If the monthly payments were set at $829, by how much would the time period of the mortgago shorton?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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