A mortgage of $686,000 is amortized over 25 years by making end-of-month payments of $3,650. Your calculator must be set to 2 decimals before doing any calculations that are going to involve Amortization. a.) What is the annual rate of interest compounded semi-annually? (Correct to exactly 4 decimal places.) Once you have seen what this is, to 4 decimal places, set your calculator back to 2 decimal places before using the AMORT function.. b.) What is the value of the final (partial) payment? The final payment required to make the outstanding balance equal exactly zero. KUse the BA Do not calculote this by band) c.) What is the total interest cost for the debt over 25 years (300 payments)? (Use the BAI Do rot coolate tris 5y hand

A mortgage of $686,000 is amortized over 25 years by making end-of-month payments of $3,650. Your calculator must be set to 2 decimals before doing any calculations that are going to involve Amortization. a.) What is the annual rate of interest compounded semi-annually? (Correct to exactly 4 decimal places.) Once you have seen what this is, to 4 decimal places, set your calculator back to 2 decimal places before using the AMORT function.. b.) What is the value of the final (partial) payment? The final payment required to make the outstanding balance equal exactly zero. KUse the BA Do not calculote this by band) c.) What is the total interest cost for the debt over 25 years (300 payments)? (Use the BAI Do rot coolate tris 5y hand

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...

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