compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years. a. Calculate the size of the periodic payment. Round to the nearest cent. b. Calculate the total interest paid. Round to the nearest cent.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
A loan of $36,550.00 at 5.00% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 5 years.
a. Calculate the size of the periodic payment. Round to the nearest cent.
b. Calculate the total interest paid. Round to the nearest cent.
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